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Matlab code for the Rational Expectations Random Utility Maximization (RERUM) model.

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mnreimer/RERUM

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The Rational Expectations Random Utility Maximization (RERUM) Model

Modeling location choice in a multispecies catch-share fishery


Purpose

This project develops a model of spatiotemporal fishing behavior that incorporates the dynamic and general equilibrium elements of catch-share fisheries. We construct an estimation strategy that is able to recover structural behavioral parameters through a nested fixed-point maximum likelihood procedure. The modeling approach is illustrated through a Monte Carlo analysis. We demonstrate its importance for predicting out-of-sample counterfactual policies.

The corresponding paper associated with this project is:
Reimer, M.N., J.K. Abbott, and A.C. Haynie (2020) "Structural Behavioral Models for Rights-Based Fisheries"


Main scripts

Script Name Description
parent_script.R A guide for how to generate data and estimate the RERUM model.
monte_carlo_data.m Generates data and estimates from the data generating process. Data are either generated with a random draw from the parameter space or using a pre-determined set of parameters.
monte_carlo_analysis.m Analyzes the Monte Carlo data and evaluates estimation and in-sample performance.
policy_simulations.m Generates policy simulations for bycatch TAC reductions and hot-spot closures.

Matlab Toolboxes

  • Optimization Toolbox
  • Parallel Computing Toolbox (Monte Carlo draws are computed in parallel)
  • Statistics and Machine Learning Toolbox (only for the evrnd() function)

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Matlab code for the Rational Expectations Random Utility Maximization (RERUM) model.

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