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Heterogeneity among agent types and second-best management for non-market ecological services

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  • Fenichel, Eli P.
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    Abstract

    Second-best management affects different agent types differently, and heterogeneity among agents may create instances when only second best management is feasible. Capital-theoretic bioeconomic modeling often has imposed representative agent assumptions that may not capture this heterogeneity. Interactions between agent heterogeneity and second-best management have received little attention. Such heterogeneity is particularly important when management actions do not directly affect extensive margin decisions. We employ a microparameter model in a dynamic bioeconomic model to incorporate agent heterogeneity and intensive and extensive margin decisions for a nonmarket good, recreational fishing. The model yields qualitatively different management recommendations when a representative agent is assumed than when heterogeneity is included using the microparameter approach.

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    Bibliographic Info

    Paper provided by Agricultural and Applied Economics Association in its series 2009 Annual Meeting, July 26-28, 2009, Milwaukee, Wisconsin with number 48995.

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    Date of creation: 15 Apr 2009
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    Handle: RePEc:ags:aaea09:48995

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    Related research

    Keywords: entry-exit; microparameter; bioeconomics; recreational fishing; landing limits; optimal control; Resource /Energy Economics and Policy; Q20; Q22; Q26;

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    1. Herriges, Joseph A. & Kling, Catherine L., 1999. "Nonlinear Income Effects in Random Utility Models," Staff General Research Papers 1494, Iowa State University, Department of Economics.
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