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

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Author Info
R. Quentin Grafton
Tom Kompas
Pham Van Ha

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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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File URL: http://le.uwpress.org/cgi/reprint/85/3/454
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Publisher 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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Find related papers by JEL classification:
Q22 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Fishery
Q57 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Ecological Economics

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Caddy, J. F. & Gulland, J. A., 1983. "Historical patterns of fish stocks," Marine Policy, Elsevier, vol. 7(4), pages 267-278, October. [Downloadable!] (restricted)
  2. 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. [Downloadable!] (restricted)
  3. Grafton, R Quentin & Sandal, Leif K & Steinshamn, Stein Ivar, 2000. " How to Improve the Management of Renewable Resources: The Case of Canada's Northern Cod Fishery," American Journal of Agricultural Economics, American Agricultural Economics Association, vol. 82(3), pages 570-80, August. [Downloadable!] (restricted)
  4. R. Quentin Grafton & Tom Kompas & Pham Van Ha, 2006. "The Economic Payoffs from Marine Reserves: Resource Rents in a Stochastic Environment," The Economic Record, The Economic Society of Australia, vol. 82(259), pages 469-480, December. [Downloadable!] (restricted)
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  5. 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. [Downloadable!] (restricted)
  6. Holland, Daniel S. & Brazee, Richard J., 1996. "Marine Reserves For Fisheries Management," Marine Resource Economics, Marine Resources Foundation, vol. 11(3). [Downloadable!]
  7. repec:cup:macdyn:v:1:y:1997:i:1:p:45-75 is not listed on IDEAS
  8. Pezzey, John C. V. & Roberts, Callum M. & Urdal, Bjorn T., 2000. "A simple bioeconomic model of a marine reserve," Ecological Economics, Elsevier, vol. 33(1), pages 77-91, April. [Downloadable!] (restricted)
  9. Sethi, Gautam & Costello, Christopher & Fisher, Anthony & Hanemann, Michael & Karp, Larry, 2005. "Fishery management under multiple uncertainty," Journal of Environmental Economics and Management, Elsevier, vol. 50(2), pages 300-318, September. [Downloadable!] (restricted)
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  10. Daniel E. Lane & Halldor P. Palsson, 1996. "Stock Rebuilding Strategies under Uncertainty: The Case for "Sentinel Fisheries."," Canadian Journal of Economics, Canadian Economics Association, vol. 29(s1), pages 151-56, April.
  11. Gaspar, Jess & L. Judd, Kenneth, 1997. "Solving Large-Scale Rational-Expectations Models," Macroeconomic Dynamics, Cambridge University Press, vol. 1(01), pages 45-75, January. [Downloadable!]
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  12. Wilen, James E., 2004. "Spatial Management Of Fisheries," Marine Resource Economics, Marine Resources Foundation, vol. 19(1). [Downloadable!]
  13. Hannesson, Rognvaldur, 1998. "Marine Reserves: What Would They Accomplish?," Marine Resource Economics, Marine Resources Foundation, vol. 13(3). [Downloadable!]
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Greenville, Jared & MaCaulay, T. Gordon, 2007. "Untangling the Benefits of Protected Areas in Fisheries," Marine Resource Economics, Marine Resources Foundation, vol. 22(3). [Downloadable!]
  2. Greenville, Jared & MacAulay, T. Gordon, 2006. "Marine Protected Areas in Fisheries Management," 2006 Annual Meeting, August 12-18, 2006, Queensland, Australia 25532, International Association of Agricultural Economists. [Downloadable!]
  3. Greenville, Jared & MacAulay, Gordon, 2006. "A Bioeconomic Analysis of Protected Area use in Fisheries Management," 2006 Annual meeting, July 23-26, Long Beach, CA 21469, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
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