Regulation Under Uncertainty: An Intuitive Survey and Application to Fisheries

This paper surveys the issues involved in setting or improving regulatory activity in the presence of uncertainty. It is conducted in a way that will bring forth the underlying intuitions of the existing literature so that the various policy options can easily be distinguished on grounds of efficiency, as well as distributional and international considerations. This approach not only fits well into a section outlining the need for regulatory review, but also provides a basis for suggesting the issues involved in regulating fisheries. Intuition more than modeling aids in initially applying general analysis to specific areas, and the fisheries example illustrates how that application can be scientifically accomplished.Environmental Economics and Policy, International Development, Resource /Energy Economics and Policy, Risk and Uncertainty,