A major simplification in bioeconomic models is that the model parameters
and functional forms are assumed known. In fisheries, the failure to capture
model uncertainty can easily cause overconfidence in model outputs and
resultant policy recommendations. Although fisheries modelers regularly
assume rather complete knowledge of the systems they study, in...
In this paper we develop a bidding model for fishermen participating in a
sequential permit buyback auction. A key feature of the model is a
Bayesian updating process, which allows bidders to use information gained
from past participation in future bid selection decisions. Our auction model
was based on the...