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A Stochastic Bioeconomic Model with Research

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  • Herrera, Guillermo E.
  • Jin, Di
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    Abstract

    This paper provides an incremental extension of a stochastic renewable resource model (Pindyck 1984) to include population dynamics research; i.e., the rate of accrual of information regarding the stochastic evolution of the stock, as a dynamic choice variable. While Pindyck models variance in stock growth as an exogenous parameter, our formulation endogenizes this variance and characterizes the impact of scientific information accrual on both the harvest decision and the present value of rents resulting from harvest activity. We illustrate the theoretical existence of an internal optimum in research effort using a numerical example.

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    File URL: http://purl.umn.edu/28214
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    Bibliographic Info

    Article provided by Marine Resources Foundation in its journal Marine Resource Economics.

    Volume (Year): 20 (2005)
    Issue (Month): 3 ()
    Pages:

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    Handle: RePEc:ags:mareec:28214

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    Web page: http://www.uri.edu/cels/enre/mre/mre.htm

    Related research

    Keywords: stochastic bioeconomic model; stochastic control; fisheries management; population dynamics research; renewable resource; uncertainty; Resource /Energy Economics and Policy; Q2; Q22; C61;

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    References

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    1. McGough, Bruce & Plantinga, Andrew J. & Provencher, William, 2002. "The Dynamic Behavior of Efficient Timber Prices," Staff Paper Series 454, University of Wisconsin, Agricultural and Applied Economics.
    2. Andersen, Peder, 1982. "Commercial fisheries under price uncertainty," Journal of Environmental Economics and Management, Elsevier, vol. 9(1), pages 11-28, March.
    3. H. Scott Gordon, 1954. "The Economic Theory of a Common-Property Resource: The Fishery," Journal of Political Economy, University of Chicago Press, vol. 62, pages 124.
    4. Andersen, Peder & Sutinen, Jon G., 1984. "Stochastic Bioeconomics: A Review of Basic Methods and Results," Marine Resource Economics, Marine Resources Foundation, vol. 1(2).
    5. Pindyck, Robert S, 1984. "Uncertainty in the Theory of Renewable Resource Markets," Review of Economic Studies, Wiley Blackwell, vol. 51(2), pages 289-303, April.
    6. Clark, Colin W. & Munro, Gordon R., 1975. "The economics of fishing and modern capital theory: A simplified approach," Journal of Environmental Economics and Management, Elsevier, vol. 2(2), pages 92-106, December.
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    Cited by:
    1. Medel, Carlos A., 2011. "The Effects of Global Warming on Fisheries," MPRA Paper 28373, University Library of Munich, Germany.

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