Publications [#267489] of Martin D. Smith

Papers Published

1. Smith, MD, Bioeconometrics: Empirical Modeling of Bioeconomic Systems, Marine Resource Economics, vol. 23 no. 1 (2008), pp. 1-23, University of Chicago Press, ISSN 0738-1360 [doi]
   (last updated on 2026/01/15)

   Abstract:
   The rise of ecosystem management as an approach to renewable resource policy increases the demand for empirical bioeconomics. This paper provides a working definition of bioeconometrics and a taxonomy of model types. A bioeconometric model is a structural model that econometrically estimates one or more parameters of a bioeconomic system. Bioeconometric model types include equilibrium, dynamically decoupled, and dynamically coupled. The challenges and importance of bioeconometrics are illustrated with a Monte Carlo analysis of simulated data that attempts to differentiate among six different qualitative categories in a system characterized by critical depensation. The analysis highlights a theme in nonlinear dynamics - that a small quantitative change in a parameter can affect the qualitative dynamics - and shows that the econometrician may know the least empirically about a bioeconomic system when she needs to know the most. Copyright © 2008 MRE Foundation, Inc.