tag:blogger.com,1999:blog-4395214934672260953.post8672130013816927734..comments2023-11-21T00:19:15.151-08:00Comments on Corrections: Page One: The Mackerel Wars: Europe's Fish Tiff With IcelandCorrections: Page Onehttp://www.blogger.com/profile/07722760575330998692noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-4395214934672260953.post-55839468256820830662010-08-28T21:55:50.959-07:002010-08-28T21:55:50.959-07:00I like this framework for thinking about sustainab...I like this framework for thinking about sustainable fishing and it is worth noting that some biologists have thought about it this way (except without using the word ergodic). For example, some biologists have argued that its stupid to try to maintain a steady stock of a fish (say mackerel) because on top of the price shocks there are environmental shocks that affect the stock. Their definition of what is "sustainable" is to say how many shocks are required to get the stock back to its previous level (in other words how large is the ergodic set). You could draw an ergodic set where if you got the "worst" shock, it would take 10 "best" shocks to get you back to the original stock. If this example is the case then you might want to try to limit the worst shock because it is costly to have a low stock of mackerel for potentially years while the good shocks build the supply up (is the argument of the biologists).<br />All that was just to illustrate the usefulness of your framework.Anonymousnoreply@blogger.com