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

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Author Info
R. Quentin Grafton () (Crawford School of Economics and Government, the Australian National University, Australia)
Tom Kompas () (Crawford School of Economics and Government, the Australian National University, Australia)

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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. Key words: Marine reserves; Stochastic control; Fisheries

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Publisher Info
Paper provided by Environmental Economics Research Hub, Crawford School, Australian National University in its series Environmental Economics Research Hub Research Reports with number 0922.

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Date of creation: Mar 2009
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Handle: RePEc:een:eenhrr:0922

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Postal: JG Crawford Building #13, Australian National University ACT 0200
Web page: http://www.crawford.anu.edu.au/research_units/eerh/
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Find related papers by JEL classification:
C61 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - 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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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Caddy, J. F. & Gulland, J. A., 1983. "Historical patterns of fish stocks," Marine Policy, Elsevier, vol. 7(4), pages 267-278, October. [Downloadable!] (restricted)
  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. [Downloadable!] (restricted)
  3. Grafton, R Quentin & Sandal, Leif K & Steinshamn, Stein Ivar, 2000. " How to Improve the Management of Renewable Resources: The Case of Canada's Northern Cod Fishery," American Journal of Agricultural Economics, American Agricultural Economics Association, vol. 82(3), pages 570-80, August. [Downloadable!] (restricted)
  4. R. Quentin Grafton & Tom Kompas & Pham Van Ha, 2006. "The Economic Payoffs from Marine Reserves: Resource Rents in a Stochastic Environment," The Economic Record, The Economic Society of Australia, vol. 82(259), pages 469-480, December. [Downloadable!] (restricted)
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  5. 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. [Downloadable!] (restricted)
  6. Holland, Daniel S. & Brazee, Richard J., 1996. "Marine Reserves For Fisheries Management," Marine Resource Economics, Marine Resources Foundation, vol. 11(3). [Downloadable!]
  7. repec:cup:macdyn:v:1:y:1997:i:1:p:45-75 is not listed on IDEAS
  8. 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. [Downloadable!] (restricted)
  9. Sethi, Gautam & Costello, Christopher & Fisher, Anthony & Hanemann, Michael & Karp, Larry, 2005. "Fishery management under multiple uncertainty," Journal of Environmental Economics and Management, Elsevier, vol. 50(2), pages 300-318, September. [Downloadable!] (restricted)
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  10. 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.
  11. Gaspar, Jess & L. Judd, Kenneth, 1997. "Solving Large-Scale Rational-Expectations Models," Macroeconomic Dynamics, Cambridge University Press, vol. 1(01), pages 45-75, January. [Downloadable!]
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  12. Wilen, James E., 2004. "Spatial Management Of Fisheries," Marine Resource Economics, Marine Resources Foundation, vol. 19(1). [Downloadable!]
  13. Hannesson, Rognvaldur, 1998. "Marine Reserves: What Would They Accomplish?," Marine Resource Economics, Marine Resources Foundation, vol. 13(3). [Downloadable!]
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Cited by:
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  1. Greenville, Jared & MaCaulay, T. Gordon, 2007. "Untangling the Benefits of Protected Areas in Fisheries," Marine Resource Economics, Marine Resources Foundation, vol. 22(3). [Downloadable!]
  2. Greenville, Jared & 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. [Downloadable!]
  3. Greenville, Jared & MacAulay, 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). [Downloadable!]
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