Harvesting versus Biodiversity: An Occam's Razor Version
AbstractThe 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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Bibliographic InfoArticle provided by European Association of Environmental and Resource Economists in its journal Environmental and Resource Economics.
Volume (Year): 18 (2001)
Issue (Month): 4 (April)
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Web page: http://www.springerlink.com/link.asp?id=100263
biodiversity; optimal policy; parameters;
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