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Dynamic and Static Approaches to Mixed Good Management: The Case of Minke Whales in the Northeast Atlantic

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  • Bulte, Erwin
  • Folmer, Henk
  • Heijman, Wim

Abstract

Whales have private and public good characteristics. A dynamic model, developed to capture the complexities of managing such a resource, yields optimal steady-state estimates suggesting that the current stock of minke whales in the Northeast Atlantic is below the steady-state optimum. The dynamics of the optimal approach to the steady state are consistent with drastic measures such as the current moratorium on commercial whaling. These findings are not consistent with previous research in this field. The discrepancies should be attributed to the inclusion of non-use values in the present paper. Finally, we compare the outcomes of the dynamic model with the results of a simple static model. We find that the latter consistently errs on the side of excessive exploitation because of its failure to account for the impact of current harvesting on future benefits and costs. Copyright 1998 by Oxford University Press.

Suggested Citation

  • 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, Oxford University Press and the European Agricultural and Applied Economics Publications Foundation, vol. 25(1), pages 73-91.
    • Handle: RePEc:oup:erevae:v:25:y:1998:i:1:p:73-91
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    Cited by:

    1. 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.
    2. Bui Bich Xuan & Claire W. Armstrong, 2019. "Trading Off Tourism for Fisheries," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 73(2), pages 697-716, June.
    3. Quaas, Martin F. & Froese, Rainer & Herwartz, Helmut & Requate, Till & Schmidt, Jörn O. & Voss, Rüdiger, 2012. "Fishing industry borrows from natural capital at high shadow interest rates," Ecological Economics, Elsevier, vol. 82(C), pages 45-52.
    4. Dale Squires & Niels Vestergaard, 2016. "Putting Economics into Maximum Economic Yield," Marine Resource Economics, University of Chicago Press, vol. 31(1), pages 101-116.
    5. Erwin Bulte & G. van Kooten, 1999. "Marginal Valuation of Charismatic Species: Implications for Conservation," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 14(1), pages 119-130, July.
    6. Richard Horan & James Shortle, 1999. "Optimal Management of Multiple Renewable Resource Stocks: An Application to Minke Whales," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 13(4), pages 435-458, June.

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