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Cod today and none tomorrow: The Economic Value of a Marine Reserve

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  • Grafton, R. Quentin
  • Kompas, Tom

Abstract

The northern cod fishery was once one of the world’s largest capture fisheries. Using data from the fishery, this research calculated the economic value of a marine reserve using a stochastic optimal control model with a jump-diffusion process. The analysis shows that, an optimal-sized marine reserve in this fishery would have prevented the fishery’s collapse and generated a triple payoff. Even if harvesting had been ‘optimal’ the profits from fishing would have been raised. The recovery time would also have decreased for the biomass to return to its former state and smoothed fishers’ harvests and profits. Following a negative shock, the chance of a catastrophic collapse would have been lowered.

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Bibliographic Info

Paper provided by Australian National University, Environmental Economics Research Hub in its series Research Reports with number 94822.

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Date of creation: Mar 2009
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Handle: RePEc:ags:eerhrr:94822

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Related research

Keywords: Marine reserves; Stochastic control; Fisheries; Environmental Economics and Policy; C61; Q22;

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References

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  1. Caddy, J. F. & Gulland, J. A., 1983. "Historical patterns of fish stocks," Marine Policy, Elsevier, vol. 7(4), pages 267-278, October.
  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.
  3. 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, vol. 82(3), pages 570-580.
  4. 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.
  5. Holland, Daniel S. & Brazee, Richard J., 1996. "Marine Reserves For Fisheries Management," Marine Resource Economics, Marine Resources Foundation, vol. 11(3).
  6. repec:cup:macdyn:v:1:y:1997:i:1:p:45-75 is not listed on IDEAS
  7. 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.
  8. 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.
  9. Gaspar, Jess & L. Judd, Kenneth, 1997. "Solving Large-Scale Rational-Expectations Models," Macroeconomic Dynamics, Cambridge University Press, vol. 1(01), pages 45-75, January.
  10. Wilen, James E., 2004. "Spatial Management Of Fisheries," Marine Resource Economics, Marine Resources Foundation, vol. 19(1).
  11. Hannesson, Rognvaldur, 1998. "Marine Reserves: What Would They Accomplish?," Marine Resource Economics, Marine Resources Foundation, vol. 13(3).
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Citations

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Cited by:
  1. Quentin Grafton, R., 2010. "Adaptation to climate change in marine capture fisheries," Marine Policy, 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 Annual meeting, July 23-26, Long Beach, CA 21469, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  3. Greenville, Jared W. & 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.
  4. Greenville, Jared W. & MacAulay, T. Gordon, 2007. "Untangling the Benefits of Protected Areas in Fisheries," Marine Resource Economics, Marine Resources Foundation, vol. 22(3).
  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, vol. 51(4), December.

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