A Dynamic Principal-Agent Model of Human-Mediated Aquatic Species Invasions
AbstractThis paper presents a dynamic principal-agent model of aquatic species invasions in which a manager, concerned about the spread of invasive species across lakes by boaters, sets interseasonal management controls on a lake-by-lake basis, and boaters make a series of intraseasonal trip decisions to maximize random utility during the course of the season, conditional on the controls imposed by the manager. The results of a simulated invasion of Eurasian watermilfoil (Myriophyllum spicatum) highlight interesting aspects of the optimal management policies under two different management objectives: maximizing boater welfare and minimizing milfoil spread.
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Bibliographic InfoArticle provided by Northeastern Agricultural and Resource Economics Association in its journal Agricultural and Resource Economics Review.
Volume (Year): 35 (2006)
Issue (Month): 1 (April)
invasive species; random utility model; Eurasion watermilfoil; dynamic optimiza-tion; principal-agent; Resource /Energy Economics and Policy;
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