6.3. Parameters
Short explanation of parameters
\(c_{i,0}\) |
baseline costs of harvesting in the year \(t_0\) (usually 2020) |
\(\tau_{i}\) |
exponential time trend (positive or negative) on costs of harvesting |
\(\chi_{i}\) |
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 |
\(\beta_{i,s}\) |
consumer preferences for different sizes (s) of each species (i). \(sum_s \beta_{i,s}=1\) |
\(\alpha_{i}\) |
consumer preferences for different species (i). \(sum_i \alpha_{i}=1\) |
\(\eta\) |
elasticity of demand for fish |
\(\gamma\) |
weight of fish consumption in total utility. When \(\eta=1\) it is the total expenditure on fish |
\(\mu_i\) |
elasticity of substitution between different sizes of a species (i). Higher values indicate easier substitutability |
\(\sigma\) |
elasticity of substitution between species of fish. Should be lower than \(\mu_i\) since sizes are better substitutes than species. |