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Optimal Management of Multiple Renewable Resource Stocks: An Application to Minke Whales

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  • Richard Horan

    ()

  • James Shortle

Abstract

Most bioeconomic models of efficient renewable resource management are constructed for a single harvesting ground. A bioeconomic model is developed in this paper to study the optimal management of renewable resources that are found in spatially distinct harvesting grounds. The model is applied to Minke whale management. Important inter-regional substitution effects are shown to exist. In addition, comparison with previous studies shows that multiple stock management is necessary for efficient management. Finally, the current Minke whale moratorium is shown to be inefficient unless significant nonmarket values exist. Copyright Kluwer Academic Publishers 1999

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File URL: http://hdl.handle.net/10.1023/A:1008261710951
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Bibliographic Info

Article provided by European Association of Environmental and Resource Economists in its journal Environmental and Resource Economics.

Volume (Year): 13 (1999)
Issue (Month): 4 (June)
Pages: 435-458

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Handle: RePEc:kap:enreec:v:13:y:1999:i:4:p:435-458

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Web page: http://www.springerlink.com/link.asp?id=100263

Related research

Keywords: bioeconomics; multiple stocks; humane values; Minke whales; Monte Carlo analysis; uncertainty;

References

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  1. Bjorndal, Trond, 1988. "The optimal management of North Sea Herring," Journal of Environmental Economics and Management, Elsevier, vol. 15(1), pages 9-29, March.
  2. Conrad, Jon M, 1989. "Bioeconomics and the Bowhead Whale," Journal of Political Economy, University of Chicago Press, vol. 97(4), pages 974-87, August.
  3. Bulte, Erwin & Folmer, Henk & Heijman, Wim, 1998. "Dynamic and Static Approaches to Mixed Good Management: The Case of Minke Whales in the Northeast Atlantic," European Review of Agricultural Economics, Foundation for the European Review of Agricultural Economics, vol. 25(1), pages 73-91.
  4. Eirik Amundsen & Trond Bjørndal & Jon Conrad, 1995. "Open access harvesting of the Northeast Atlantic minke whale," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 6(2), pages 167-185, September.
  5. Conrad, Jon M. & Adu-Asamoah, Richard, 1986. "Single and multispecies systems: The the Eastern Tropical Atlantic," Journal of Environmental Economics and Management, Elsevier, vol. 13(1), pages 50-68, March.
  6. Andrew Metrick & Martin L. Weitzman, 1996. "Patterns of Behavior in Endangered Species Preservation," Land Economics, University of Wisconsin Press, vol. 72(1), pages 1-16.
  7. Hayes, Dermot J. & Wahl, Thomas I. & Williams, Gary W., 1990. "Testing Restrictions on a Model of Japanese Meat Demand," Staff General Research Papers 10940, Iowa State University, Department of Economics.
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Citations

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Cited by:
  1. Kuo, H-I. & Chen, C-C. & McAleer, M.J., 2009. "Estimating the impact of whaling on global whale watching," Econometric Institute Research Papers EI 2009-23, Erasmus University Rotterdam, Erasmus School of Economics (ESE), Econometric Institute.
  2. Roumasset, James A. & Wada, Christopher A., 2012. "Ordering the extraction of renewable resources: The case of multiple aquifers," Resource and Energy Economics, Elsevier, vol. 34(1), pages 112-128.
  3. repec:dgr:eureir:1765016708 is not listed on IDEAS
  4. David Pearce & Phoebe Koundouri, . "Diffuse Pollution and the Role of Agriculture," DEOS Working Papers 0301, Athens University of Economics and Business.
  5. James Roumasset & Christopher Wada, 2009. "Renewable Resource Management with Alternative Sources: the Case of Multiple Aquifers and a "Backstop" Resource," Working Papers 200913, University of Hawaii at Manoa, Department of Economics.
  6. James Roumasset & Christopher Wada, 2009. "Integrated Management of the South Oahu Aquifer System: A Spatial and Temporal Approach," Working Papers 200902, University of Hawaii at Manoa, Department of Economics.
  7. Zhang Wei-Bin, 2011. "Economic Growth And Dynamics Of Renewable Resource With Housing, Agricultural And Resource Land Use," Studies in Business and Economics, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 6(2), pages 151-174, August.
  8. Tom Kompas et. al., 2008. "Maximizing Profits and Conserving Stocks in the Australian Northern Prawn Fishery," International and Development Economics Working Papers idec08-04, International and Development Economics.
  9. Eppink, Florian V. & van den Bergh, Jeroen C.J.M., 2007. "Ecological theories and indicators in economic models of biodiversity loss and conservation: A critical review," Ecological Economics, Elsevier, vol. 61(2-3), pages 284-293, March.
  10. Martin F. Quaas & Daan van Soest & Stefan Baumgaertner, 2011. "Complementarity, impatience, and the resilience of natural-resource-dependent economies," Working Paper Series in Economics 220, University of Lüneburg, Institute of Economics.
  11. Mazzanti, Massimiliano, 2001. "The role of economics in global management of whales: re-forming or re-founding IWC?," Ecological Economics, Elsevier, vol. 36(2), pages 205-221, February.
  12. James Roumasset & Christopher Wada, 2013. "Ordering Extraction from Multiple Aquifers," Working Papers 2013-12, University of Hawaii Economic Research Organization, University of Hawaii at Manoa.
  13. Richard Horan & Erwin Bulte, 2004. "Optimal and Open Access Harvesting of Multi-Use Species in a Second-Best World," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 28(3), pages 251-272, July.

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