Using Genetic Algorithms to Estimate and Validate Bioeconomic Models: The Case of the Ibero-atlantic Sardine Fishery

Abstract

The Neo-classical approach to fisheries management is based on designing and applying bioeconomic models. Traditionally, the basic bioeconomic models have used pre-established non-linear functional forms (logistic, Cobb–Douglas) in order to try to reflect the dynamics of the renewable resources under study. This assumption might cause misspecification problems and, in consequence, a loss of predictive ability. In this work we intend to verify if there is a bias motivated by employing the said non-linear parametric perspective. For this purpose, we employ a novel non-linear and non-parametric prediction method, called Genetic Algorithms, and we compare its results with those obtained from the traditional methods.