Non-Market Values and Optimal Marine Reserve Switching
AbstractA 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 InfoPaper provided by Australian National University, Environmental Economics Research Hub in its series Research Reports with number 94825.
Date of creation: 22 May 2009
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marine reserves; stochastic control; non-market values; Environmental Economics and Policy; Research Methods/ Statistical Methods; C61; Q22;
Other versions of this item:
- Satoshi Yamazaki & R. Quentin Grafton & Tom Kompas, 2009. "Non-market values and optimal marine reserve switching," Environmental Economics Research Hub Research Reports 0925, Environmental Economics Research Hub, Crawford School of Public Policy, The Australian National University.
- C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
- Q22 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Fishery
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