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Optimal Harvesting of a Spatial Renewable Resource

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  • Stefan Behringer
  • Thorsten Upmann

Abstract

In this paper we investigate optimal harvesting of a renewable natural resource. While in the standard approach the resource is located at a single point in space we allow for the resource to be distributed over the plane. Consequently, an agent who exploits the resource has to travel from one location to another. For a fixed planning horizon we investigate the speed and the time path of harvesting chosen by the agent. We show that the agent adjusts the speed of movement so that he accomplishes to visit each location only once, even in the absence of travelling cost. Since he does not come back to any location for a second harvest, it is optimal for him to fully deplete the resource upon arrival. A society interested in conserving some of the resource thus has to take measures suitable to limit the exploitative behaviour of the agent.

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Bibliographic Info

Paper provided by CESifo Group Munich in its series CESifo Working Paper Series with number 4019.

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Date of creation: 2012
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Handle: RePEc:ces:ceswps:_4019

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Keywords: optimal harvesting; spatial renewable resource; continuous time; market failure;

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References

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  1. William A. Brock & Anastasios Xepapadeas & Athanasios. N. Yannacopoulos, 2013. "Robust Control of a Spatially Distributed Commercial Fishery," Working Papers, Fondazione Eni Enrico Mattei 2013.11, Fondazione Eni Enrico Mattei.
  2. Elizabeth Robinson & Heidi J. Albers & Jeffrey C. Williams, 2006. "Spatial and Temporal Modeling of Community Non-Timber Forest Extraction," Economics Series Working Papers, University of Oxford, Department of Economics WPS/2006-03, University of Oxford, Department of Economics.
  3. James E. Wilen, 2007. "Economics of Spatial-Dynamic Processes," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, Agricultural and Applied Economics Association, vol. 89(5), pages 1134-1144.
  4. Costello, Christopher & Polasky, Stephen, 2008. "Optimal harvesting of stochastic spatial resources," Journal of Environmental Economics and Management, Elsevier, vol. 56(1), pages 1-18, July.
  5. Deacon, Robert T. & Brookshire, David S. & Fisher, Anthony C. & Kneese, Allen V. & Kolstad, Charles D. & Scrogin, David & Smith, V. Kerry & Ward, Michael & Wilen, James, 1998. "Research Trends and Opportunities in Environmental and NaturalResource Economics," Working Papers, Duke University, Department of Economics 98-05, Duke University, Department of Economics.
  6. Hannesson, Rögnvaldur, 2011. "Rights based fishing on the high seas: Is it possible?," Marine Policy, Elsevier, Elsevier, vol. 35(5), pages 667-674, September.
  7. Brock, William & Xepapadeas, Anastasios, 2010. "Pattern formation, spatial externalities and regulation in coupled economic-ecological systems," Journal of Environmental Economics and Management, Elsevier, vol. 59(2), pages 149-164, March.
  8. Smith, Martin D. & Sanchirico, James N. & Wilen, James E., 2009. "The economics of spatial-dynamic processes: Applications to renewable resources," Journal of Environmental Economics and Management, Elsevier, vol. 57(1), pages 104-121, January.
  9. Sanchirico, James N. & Wilen, James E., 2005. "Optimal spatial management of renewable resources: matching policy scope to ecosystem scale," Journal of Environmental Economics and Management, Elsevier, vol. 50(1), pages 23-46, July.
  10. Tahvonen, Olli, 2009. "Economics of harvesting age-structured fish populations," Journal of Environmental Economics and Management, Elsevier, vol. 58(3), pages 281-299, November.
  11. Conrad,Jon M., 2010. "Resource Economics," Cambridge Books, Cambridge University Press, Cambridge University Press, number 9780521874953.
  12. Brennan, Michael J & Schwartz, Eduardo S, 1985. "Evaluating Natural Resource Investments," The Journal of Business, University of Chicago Press, University of Chicago Press, vol. 58(2), pages 135-57, April.
  13. Anthony Scott, 1955. "The Fishery: The Objectives of Sole Ownership," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 63, pages 116.
  14. Esther W. Mezey & Jon M. Conrad, 2010. "Real Options in Resource Economics," Annual Review of Resource Economics, Annual Reviews, Annual Reviews, vol. 2(1), pages 33-52, October.
  15. Conrad,Jon M., 2010. "Resource Economics," Cambridge Books, Cambridge University Press, Cambridge University Press, number 9780521697675.
  16. Natali Hritonenko & Yuri Yatsenko, 2006. "Optimization of Harvesting Return from Age-Structured Population," Journal of Bioeconomics, Springer, Springer, vol. 8(2), pages 167-179, August.
  17. H. Scott Gordon, 1954. "The Economic Theory of a Common-Property Resource: The Fishery," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 62, pages 124.
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