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Cod Today and None Tomorrow: The Economic Value of a Marine Reserve

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  • R. Quentin Grafton
  • Tom Kompas
  • Pham Van Ha

Abstract

Using data from what was once one of the world’s largest capture fisheries, the northern cod fishery, the economic value of a marine reserve is calculated using a stochastic optimal control model with a jump-diffusion process. Counterfactual analysis shows that with a stochastic environment an optimal-sized marine reserve in this fishery would have prevented the fishery’s collapse and generated a triple payoff: raising resource rents even if harvesting was "optimal"; decreasing recovery time for the biomass to return to its former state, smoothing fishers’ harvests and resource rents; and lowering the chance of a catastrophic collapse following a negative shock.

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Bibliographic Info

Article provided by University of Wisconsin Press in its journal Land Economics.

Volume (Year): 85 (2009)
Issue (Month): 3 ()
Pages: 454-469

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Handle: RePEc:uwp:landec:v:85:y:2009:i:3:p:454-469

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Web page: http://le.uwpress.org/

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  1. Smith, Martin D. & Wilen, James E., 2003. "Economic impacts of marine reserves: the importance of spatial behavior," Journal of Environmental Economics and Management, Elsevier, vol. 46(2), pages 183-206, September.
  2. Caddy, J. F. & Gulland, J. A., 1983. "Historical patterns of fish stocks," Marine Policy, Elsevier, Elsevier, vol. 7(4), pages 267-278, October.
  3. Pezzey, John C. V. & Roberts, Callum M. & Urdal, Bjorn T., 2000. "A simple bioeconomic model of a marine reserve," Ecological Economics, Elsevier, Elsevier, vol. 33(1), pages 77-91, April.
  4. Daniel E. Lane & Halldor P. Palsson, 1996. "Stock Rebuilding Strategies under Uncertainty: The Case for "Sentinel Fisheries."," Canadian Journal of Economics, Canadian Economics Association, Canadian Economics Association, vol. 29(s1), pages 151-56, April.
  5. Kevin Fox & Robert Hill & W. Diewert, 2004. "Identifying Outliers in Multi-Output Models," Journal of Productivity Analysis, Springer, Springer, vol. 22(1), pages 73-94, July.
  6. repec:cup:macdyn:v:1:y:1997:i:1:p:45-75 is not listed on IDEAS
  7. R. Quentin Grafton & Leif K. Sandal & Stein Ivar Steinshamn, 2000. "How to Improve the Management of Renewable Resources: The Case of Canada's Northern Cod Fishery," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, Agricultural and Applied Economics Association, vol. 82(3), pages 570-580.
  8. 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.
  9. Gaspar, Jess & L. Judd, Kenneth, 1997. "Solving Large-Scale Rational-Expectations Models," Macroeconomic Dynamics, Cambridge University Press, Cambridge University Press, vol. 1(01), pages 45-75, January.
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Cited by:
  1. Quentin Grafton, R., 2010. "Adaptation to climate change in marine capture fisheries," Marine Policy, Elsevier, Elsevier, vol. 34(3), pages 606-615, May.
  2. Greenville, Jared W. & MacAulay, T. Gordon, 2006. "A Bioeconomic Analysis of Protected Area use in Fisheries Management," 2006 Conference (50th), February 8-10, 2006, Sydney, Australia, Australian Agricultural and Resource Economics Society 139738, Australian Agricultural and Resource Economics Society.
  3. Maroto, Jose M. & Moran, Manuel, 2014. "Detecting the presence of depensation in collapsed fisheries: The case of the Northern cod stock," Ecological Economics, Elsevier, Elsevier, vol. 97(C), pages 101-109.
  4. Greenville, Jared W. & MacAulay, T. Gordon, 2006. "Protected Areas and the Management of Fisheries: An Institutional Perspective," 2006 Conference (50th), February 8-10, 2006, Sydney, Australia, Australian Agricultural and Resource Economics Society 139739, Australian Agricultural and Resource Economics Society.
  5. Greenville, Jared W. & MacAulay, T. Gordon, 2007. "Bioeconomic analysis of protected area use in fisheries management," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, Australian Agricultural and Resource Economics Society, vol. 51(4), December.
  6. Greenville, Jared W. & MacAulay, T. Gordon, 2006. "Marine Protected Areas in Fisheries Management," 2006 Annual Meeting, August 12-18, 2006, Queensland, Australia, International Association of Agricultural Economists 25532, International Association of Agricultural Economists.
  7. Greenville, Jared W. & MacAulay, T. Gordon, 2006. "A Bioeconomic Analysis of Protected Area use in Fisheries Management," 2006 Annual meeting, July 23-26, Long Beach, CA, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) 21469, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).

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