Satoshi Yamazaki () (PhD Candidate, Crawford School of Economics and Government, the Australian National University, Australia, 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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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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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.:
Sethi, Gautam & Costello, Christopher & Fisher, Anthony C. & Hanemann, William Michael & Karp, Larry S., 2002.
"Fishery management under multiple uncertainty,"
CUDARE Working Paper Series
929, University of California at Berkeley, Department of Agricultural and Resource Economics and Policy.