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The Economic Payoffs from Marine Reserves: Resource Rents in a Stochastic Environment

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Author Info
R. QUENTIN GRAFTON
TOM KOMPAS
PHAM VAN HA

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Abstract

In this paper we analysed the economic payoffs from marine reserves using a stochastic optimal control model, with a jump-diffusion process. The results show that even if the reserve and harvested populations face the same negative shocks, harvesting is optimal, the population is persistent and there is no uncertainty over current stock size, a reserve can increase resource rents. Using fishery data we demonstrate that the payoffs from a reserve, and also optimum reserve size, increase the larger is the magnitude of the negative shock, the greater its frequency and the larger its relative impact on the harvested population. Copyright © 2006 The Economic Society of Australia.

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Publisher Info
Article provided by The Economic Society of Australia in its journal Economic Record.

Volume (Year): 82 (2006)
Issue (Month): 259 (December)
Pages: 469-480
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Handle: RePEc:bla:ecorec:v:82:y:2006:i:259:p:469-480

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Kenneth L. Judd, 1997. "Computational Economics and Economic Theory: Substitutes or Complements," NBER Technical Working Papers 0208, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  2. Gaspar, Jess & L. Judd, Kenneth, 1997. "Solving Large-Scale Rational-Expectations Models," Macroeconomic Dynamics, Cambridge University Press, vol. 1(01), pages 45-75, January. [Downloadable!]
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  3. Caddy, J. F. & Gulland, J. A., 1983. "Historical patterns of fish stocks," Marine Policy, Elsevier, vol. 7(4), pages 267-278, October. [Downloadable!] (restricted)
  4. Alp E. Atakan, 2003. "Stochastic convexity in dynamic programming," Economic Theory, Springer, vol. 22(2), pages 447-455, 09. [Downloadable!] (restricted)
  5. Sanchirico, James N. & Wilen, James E., 2001. "A Bioeconomic Model of Marine Reserve Creation," Journal of Environmental Economics and Management, Elsevier, vol. 42(3), pages 257-276, November. [Downloadable!] (restricted)
  6. Grafton, R Quentin & Sandal, Leif K & Steinshamn, Stein Ivar, 2000. " How to Improve the Management of Renewable Resources: The Case of Canada's Northern Cod Fishery," American Journal of Agricultural Economics, American Agricultural Economics Association, vol. 82(3), pages 570-80, August. [Downloadable!] (restricted)
  7. Hannesson, Rognvaldur, 1998. "Marine Reserves: What Would They Accomplish?," Marine Resource Economics, Marine Resources Foundation, vol. 13(3). [Downloadable!]
  8. Sanchirico, James N. & Wilen, James E., 1999. "Bioeconomics of Spatial Exploitation in a Patchy Environment," Journal of Environmental Economics and Management, Elsevier, vol. 37(2), pages 129-150, March. [Downloadable!] (restricted)
  9. Holland, Daniel S. & Brazee, Richard J., 1996. "Marine Reserves For Fisheries Management," Marine Resource Economics, Marine Resources Foundation, vol. 11(3). [Downloadable!]
  10. repec:cup:macdyn:v:1:y:1997:i:1:p:45-75 is not listed on IDEAS
  11. Pezzey, John C. V. & Roberts, Callum M. & Urdal, Bjorn T., 2000. "A simple bioeconomic model of a marine reserve," Ecological Economics, Elsevier, vol. 33(1), pages 77-91, April. [Downloadable!] (restricted)
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Yamazaki, Satoshi, 2008. "Marine Reserves Switching under Uncertainty," 2008 Conference (52nd), February 5-8, 2008, Canberra, Australia 6003, Australian Agricultural and Resource Economics Society. [Downloadable!]
  2. Viktoria Kahui & William Alexander, 2008. "A Bioeconomic Analysis of Marine Reserves for Paua (Abalone) Management at Stewart Island, New Zealand," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 40(3), pages 339-367, July. [Downloadable!] (restricted)
  3. R. Quentin Grafton & Tom Kompas, 2009. "Cod today and none tomorrow: The Economic Value of a Marine Reserve," Environmental Economics Research Hub Research Reports 0922, Environmental Economics Research Hub, Crawford School, Australian National University. [Downloadable!]
    Other versions:
  4. Satoshi Yamazaki & Tom Kompas, 2009. "Non-market values and optimal marine reserve switching," Environmental Economics Research Hub Research Reports 0925, Environmental Economics Research Hub, Crawford School, Australian National University. [Downloadable!]
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