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Non-Market Values and Optimal Marine Reserve Switching

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  • Yamazaki, Satoshi
  • Grafton, R. Quentin
  • Kompas, Tom

Abstract

A stochastic bio-economic model is constructed to analyse the effects of marine reserve ‘switching’ between a ‘no take’ area and a harvested area. The model accounts for both market and non-market values of the fishery. Estimated parameters from the red throat emperor fishery from the Great Barrier Reef are used. Simulations show that an optimal switching strategy is, under a range of scenarios, preferred to fixed reserve and no reserve strategies. An important outcome is that the non-market values associated with the size of the fishery substantially affect both the returns from switching and the closure time.

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Bibliographic Info

Paper provided by Australian National University, Environmental Economics Research Hub in its series Research Reports with number 94825.

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Date of creation: 22 May 2009
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Handle: RePEc:ags:eerhrr:94825

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Keywords: marine reserves; stochastic control; non-market values; Environmental Economics and Policy; Research Methods/ Statistical Methods; C61; Q22;

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