6.3. Parameters

Short explanation of parameters

Table 6.1 Estimated parameters


baseline costs of harvesting in the year \(t_0\) (usually 2020)


exponential time trend (positive or negative) on costs of harvesting


stock elasticity. If >1 the stock is hypersensitive: fishing costs decline fast with accessible biomass. If <1 the stock is hyperstable and fishing costs remain relatively constant with the available biomass


consumer preferences for different sizes (s) of each species (i). \(sum_s \beta_{i,s}=1\)


consumer preferences for different species (i). \(sum_i \alpha_{i}=1\)


elasticity of demand for fish


weight of fish consumption in total utility. When \(\eta=1\) it is the total expenditure on fish

Table 6.2 Parameters from the literature


elasticity of substitution between different sizes of a species (i). Higher values indicate easier substitutability


elasticity of substitution between species of fish. Should be lower than \(\mu_i\) since sizes are better substitutes than species.