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Harvesting versus Biodiversity: An Occam's Razor Version

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Author Info

  • Chuan-Zhong Li
  • Karl-Gustaf Löfgren
  • Martin Weitzman

Abstract

The point of departure for this paper is the familiar prototype fisheriesmodel where a fictitious sole owner harvests a fish population to maximizepresent discounted profits. The paper answers analytically the followingquestion. ``What happens to a policy when the sole owner also valuesbiodiversity, as well as profits?'' It turns out that the size of the steady-state stock and the number of species preserved are both higher, whenspecies diversity is positively valued. This paper provides a sharpcharacterization of the optimal policy in terms of the usual economicparameters and an exogenously introduced willingness-to-pay function forspecies preservation. Copyright Kluwer Academic Publishers 2001

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File URL: http://hdl.handle.net/10.1023/A:1011184509459
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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): 18 (2001)
Issue (Month): 4 (April)
Pages: 355-366

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Handle: RePEc:kap:enreec:v:18:y:2001:i:4:p:355-366

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

Related research

Keywords: biodiversity; optimal policy; parameters;

References

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  1. Li, Chuan-Zhong & L Fgren, Karl-Gustaf, 1998. "A dynamic model of biodiversity preservation," Environment and Development Economics, Cambridge University Press, vol. 3(02), pages 157-172, May.
  2. Spence, A Michael & Starrett, David, 1975. "Most Rapid Approach Paths in Accumulation Problems," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 16(2), pages 388-403, June.
  3. Cropper, Maureen L & Oates, Wallace E, 1992. "Environmental Economics: A Survey," Journal of Economic Literature, American Economic Association, vol. 30(2), pages 675-740, June.
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Cited by:
  1. Brock,W. & Xepapadeas,A., 2001. "Valuing biodiversity from an economic perspective : a unified economic, ecological and genetic approach," Working papers 17, Wisconsin Madison - Social Systems.
  2. 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.

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