Optimization and Suboptimization in Fishery Regulation: Comment.
Vernon Smith · 2013
If certain implicit assumptions in his argument are made explicit, however, it becomes clear that the necessity for either or both of these regulations is hardly an immutable law of nature. The chief fault in Turvey&s;s otherwise excellent paper is that he does not clearly state the relation between these critical assumptions and his conclusions for public policy. It should be useful to examine in more detail exactly which conditions must be present for one or the other of these regulations to in fact be necessary for a Pareto-optimum.