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Non-market values and optimal marine reserve switching

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  • Satoshi Yamazaki

    ()
    (PhD Candidate, Crawford School of Public Policy, The Australian National University, Australia)

  • R. Quentin Grafton

    ()
    (Crawford School of Public Policy, The Australian National University, Australia)

  • Tom Kompas

    ()
    (Crawford School of Public Policy, The Australian National University, Australia)

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. Key words: marine reserves, stochastic control; non-market values

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Bibliographic Info

Paper 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.

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Date of creation: May 2009
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Handle: RePEc:een:eenhrr:0925

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