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. Key words: marine reserves, stochastic control; non-market values
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Bibliographic InfoPaper provided by Environmental Economics Research Hub, Crawford School of Public Policy, The Australian National University in its series Environmental Economics Research Hub Research Reports with number 0925.
Date of creation: May 2009
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Other versions of this item:
- Yamazaki, Satoshi & Grafton, R. Quentin & Kompas, Tom, 2009. "Non-Market Values and Optimal Marine Reserve Switching," Research Reports 94825, Australian National University, Environmental Economics Research Hub.
- 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
This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-09-26 (All new papers)
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