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Managing Genetic Resources for Fun and Profit -- The Role of the Interest Rate in Natural Selection

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  • Guttormsen, Atle G.
  • Kristofersson, Dadi
  • Navdal, Eric

Abstract

It has become clear that exploitation of natural resources may result in evolutionary selection pressure resulting in morphological changes of a species over time. This potentially adverse effect should be taken into account when regulating the use of such resources. In this paper we present a bioeconomic model where we analyse the effect of selective harvesting on genetic frequency for one specific gene in terms of the socially optimal long-term management of the resource. It is assumed that the individuals carrying the gene have a lower natural mortality rate but are also more valuable to catch. Results indicate that the relationship between the natural rate of selection against less valuable individuals and the interest rate is crucial in determining whether the valuable gene should be preserved or allowed to become extinct. To our knowledge this is the first economic model of resource harvesting when harvesting directly affects the rate of selection in a genetic model.

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File URL: http://purl.umn.edu/19354
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Paper provided by American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) in its series 2005 Annual meeting, July 24-27, Providence, RI with number 19354.

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Date of creation: 2005
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Handle: RePEc:ags:aaea05:19354

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  1. Weitzman, Martin L, 1992. "On Diversity," The Quarterly Journal of Economics, MIT Press, vol. 107(2), pages 363-405, May.
  2. Anne-Sophie Crépin, 2003. "Multiple Species Boreal Forests – What Faustmann Missed," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 26(4), pages 625-646, December.
  3. William Brock & Anastasios Xepapadeas, 2001. "Valuing Biodiversity from an Economic Perspective: A Unified Economic, Ecological and Genetic Approach," Working Papers 0102, University of Crete, Department of Economics.
  4. Polasky Stephen & Solow Andrew R., 1995. "On the Value of a Collection of Species," Journal of Environmental Economics and Management, Elsevier, vol. 29(3), pages 298-303, November.
  5. Anthony Scott, 1955. "The Fishery: The Objectives of Sole Ownership," Journal of Political Economy, University of Chicago Press, vol. 63, pages 116.
  6. W.A. Brock & D. Starrett, 2003. "Managing Systems with Non-convex Positive Feedback," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 26(4), pages 575-602, December.
  7. Stephen Polasky & Andrew Solow & James Broadus, 1993. "Searching For Uncertain Benefits and the Conservation Of Biological Diversity," Boston College Working Papers in Economics 208, Boston College Department of Economics.
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