Saving the Seas: The Economic Justification for Marine Reserves
AbstractWe contribute to the understanding of marine reserves and the management of renewable resources with uncertainty. We show that the key benefit of reserves is that they increase resilience, or the speed it takes a population to return to a former state following a negative shock. Resilience can also increase resource rents even with optimal harvesting. We contradict the accepted wisdom that reserves have no value if harvesting is optimal, reserves and optimal output controls are equivalent, reserves have value only with overexploited populations and that reserves must be large to offer benefits to fishers.
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Bibliographic InfoPaper provided by International and Development Economics in its series International and Development Economics Working Papers with number idec04-3.
Length: 25 pages
Date of creation: 2004
Date of revision:
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Other versions of this item:
- R. Quentin Grafton & Pham Van Ha & Tom Kompas, 2004. "Saving the Seas: The Economic Justification for Marine Reserves," Economics and Environment Network Working Papers 0402, Australian National University, Economics and Environment Network.
- Q20 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - General
- D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
- C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
This paper has been announced in the following NEP Reports:
- NEP-ALL-2004-12-12 (All new papers)
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