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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 visits 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 to limit the exploitative behaviour of the agent.

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Bibliographic Info

Paper provided by European University at St. Petersburg, Department of Economics in its series CEEES Paper Series with number CE3S-01/13.

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Length: 29 pages
Date of creation: 21 Oct 2013
Date of revision:
Handle: RePEc:eus:ce3swp:0113

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

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  1. 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.
  2. 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.
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  12. 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.
  13. Conrad,Jon M., 2010. "Resource Economics," Cambridge Books, Cambridge University Press, number 9780521874953, April.
  14. James E. Wilen, 2007. "Economics of Spatial-Dynamic Processes," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 89(5), pages 1134-1144.
  15. H. Scott Gordon, 1954. "The Economic Theory of a Common-Property Resource: The Fishery," Journal of Political Economy, University of Chicago Press, vol. 62, pages 124.
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  17. Esther W. Mezey & Jon M. Conrad, 2010. "Real Options in Resource Economics," Annual Review of Resource Economics, Annual Reviews, vol. 2(1), pages 33-52, October.
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