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APA
Subject:
Management
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English (U.S.)
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Topic:

The Tragedy of Common and Fish Stocks Simulation

Essay Instructions:

Paper 1: Reflections on the Fishbanks Simulation
Write a short 2-3-page (maximum, double-spaced) paper answering the following questions. Be sure to include additional outside references, resources, websites, etc, to support your article review and expand upon the learning in the course.
• What is your understanding of "The Tragedy of the Commons" as it relates to your experience in the
simulation? How did your team view fish stocks at the beginning of the simulation? At the end? What
caused any changes?
• How does your experience this simulation relate to the idea of Natural Capital? What natural capital
is material to fishing and how would you price it? (think about the environmental valuation methods
discussed in the Sustainable MBA).
• What strategies, if any, would you have done employed at the individual, team, and community level
would you have employed to create a different outcome?
• What controls or Market Based Incentives (MBIs) would you suggest applying?
• Think of another Tragedy of the Commons. How would you apply the lessons learned in the
simulation?

Essay Sample Content Preview:

Fishbanks Simulation
Student's Name
University
Course
Lecturer
Date
The Tragedy of Common and Simulation
The tragedy of the commons is an economic issue that occurs when individuals prioritize personal riches over the well-being of society. This leads to overconsumption of the shared resource and, eventually, its depletion, damaging everyone. For a tragedy of the commons to occur, a resource must be scarce, competitive in consumption, and non-excludable. Hardin (1968) claimed that the tragedy of expected resource degradation is unavoidable unless human population increase is managed. One of the areas where this common tragedy is experienced is at fishing grounds. From the simulation experience, the number of fish decreases over the years as a result of overfishing. In addition, the Fishbanks simulation indicates an increase in the number of fishing ships, resulting in overfishing.
Fish Stock and Simulation
In Team 2, initially, we felt determining the fish stock was a challenging task, but with simulation, the process became achievable. Simulation helped us to understand the behavior of fisheries stock assessment methodologies. We can assess the accuracy and bias of different evaluation techniques in a controlled environment where people are familiar with the natural dynamics of hypothetical fisheries resources under exploitation (Arantes do Amaral & Hess, 2018). Recent simulation studies have aided in the improvement of structural hypotheses for negotiating with time-varying natural fatalities, uncertainty in the steep slopes of the stock-recruit friendship, environmental fluctuation, and determining the utility and impact of different fish population and fishing community data sources on evaluation results, as well as determining the utility and impact of different fishery-dependent and fishery-independent data sources on assessment outcomes. In the end, a simulation created all changes, and we found the process easier.
Relation of Simulation to Natural Capital
Natural capital is the stock of natural assets, including fish. The statistic obtains from the Fishbanks simulation indicates the decrease in the number of fish over the years. This decrease is amplified by increased fishing ships. As a result, if the tragedy of overfish...
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