This file is part of IDEAS, which uses RePEc data


[ Papers | Articles | Software | Books | Chapters | Authors | Institutions | JEL Classification | NEP reports | Search | New papers by email | Author registration | Rankings | Volunteers | FAQ | Blog | Help! ]

Cod Today and None Tomorrow: The Economic Value of a Marine Reserve

Author info | Abstract | Publisher info | Download info | Related research | Statistics
Author Info
R. Quentin Grafton
Tom Kompas
Pham Van Ha

Additional information is available for the following registered author(s):

Abstract

Using data from what was once one of the world’s largest capture fisheries the economic value of a marine reserve is calculated using a stochastic optimal control model with a jump diffusion process. The results show that with a stochastic environment an optimal-sized marine reserve can generate a triple payoff that (a), raises the resource rent even when harvesting is ‘optimal’, (b) decreases the recovery time for the biomass to return to its former state and smooths fishers’ harvests and resource rents, and (c), lowers the chance of a catastrophic collapse following a negative shock.

Download Info
To download:

If you experience problems downloading a file, check if you have the proper application to view it first. Information about this may be contained in the File-Format links below. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL: http://www.crawford.anu.edu.au/degrees/idec/working_papers/IDEC05-7.pdf
File Format: application/pdf
File Function:
Download Restriction: no

Publisher Info
Paper provided by International and Development Economics in its series International and Development Economics Working Papers with number idec05-7.

Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Length: 39 pages
Date of creation: 2005
Date of revision:
Handle: RePEc:idc:wpaper:idec05-7

Contact details of provider:
Postal: JG Crawford Building #13, Australian National University ACT 0200
Web page: http://www.crawford.anu.edu.au/research/papers.php
More information through EDIRC

For technical questions regarding this item, or to correct its listing, contact: (Webmaster).

Related research
Keywords:

Other versions of this item:

This paper has been announced in the following NEP Reports: 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.:
  1. Caddy, J. F. & Gulland, J. A., 1983. "Historical patterns of fish stocks," Marine Policy, Elsevier, vol. 7(4), pages 267-278, October. [Downloadable!] (restricted)
  2. Sanchirico, James N. & Wilen, James E., 2001. "A Bioeconomic Model of Marine Reserve Creation," Journal of Environmental Economics and Management, Elsevier, vol. 42(3), pages 257-276, November. [Downloadable!] (restricted)
  3. Grafton, R Quentin & Sandal, Leif K & Steinshamn, Stein Ivar, 2000. " How to Improve the Management of Renewable Resources: The Case of Canada's Northern Cod Fishery," American Journal of Agricultural Economics, American Agricultural Economics Association, vol. 82(3), pages 570-80, August. [Downloadable!] (restricted)
  4. R. Quentin Grafton & Tom Kompas & Pham Van Ha, 2006. "The Economic Payoffs from Marine Reserves: Resource Rents in a Stochastic Environment," The Economic Record, The Economic Society of Australia, vol. 82(259), pages 469-480, December. [Downloadable!] (restricted)
    Other versions:
  5. Smith, Martin D. & Wilen, James E., 2003. "Economic impacts of marine reserves: the importance of spatial behavior," Journal of Environmental Economics and Management, Elsevier, vol. 46(2), pages 183-206, September. [Downloadable!] (restricted)
  6. Holland, Daniel S. & Brazee, Richard J., 1996. "Marine Reserves For Fisheries Management," Marine Resource Economics, Marine Resources Foundation, vol. 11(3). [Downloadable!]
  7. repec:cup:macdyn:v:1:y:1997:i:1:p:45-75 is not listed on IDEAS
  8. Pezzey, John C. V. & Roberts, Callum M. & Urdal, Bjorn T., 2000. "A simple bioeconomic model of a marine reserve," Ecological Economics, Elsevier, vol. 33(1), pages 77-91, April. [Downloadable!] (restricted)
  9. Sethi, Gautam & Costello, Christopher & Fisher, Anthony & Hanemann, Michael & Karp, Larry, 2005. "Fishery management under multiple uncertainty," Journal of Environmental Economics and Management, Elsevier, vol. 50(2), pages 300-318, September. [Downloadable!] (restricted)
    Other versions:
  10. Daniel E. Lane & Halldor P. Palsson, 1996. "Stock Rebuilding Strategies under Uncertainty: The Case for "Sentinel Fisheries."," Canadian Journal of Economics, Canadian Economics Association, vol. 29(s1), pages 151-56, April.
  11. Gaspar, Jess & L. Judd, Kenneth, 1997. "Solving Large-Scale Rational-Expectations Models," Macroeconomic Dynamics, Cambridge University Press, vol. 1(01), pages 45-75, January. [Downloadable!]
    Other versions:
  12. Wilen, James E., 2004. "Spatial Management Of Fisheries," Marine Resource Economics, Marine Resources Foundation, vol. 19(1). [Downloadable!]
  13. Hannesson, Rognvaldur, 1998. "Marine Reserves: What Would They Accomplish?," Marine Resource Economics, Marine Resources Foundation, vol. 13(3). [Downloadable!]
Full references

Cited by:
(explanations, 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.)

  1. Greenville, Jared & MacAulay, Gordon, 2006. "A Bioeconomic Analysis of Protected Area use in Fisheries Management," 2006 Annual meeting, July 23-26, Long Beach, CA 21469, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  2. Greenville, Jared & MacAulay, T. Gordon, 2006. "Marine Protected Areas in Fisheries Management," 2006 Annual Meeting, August 12-18, 2006, Queensland, Australia 25532, International Association of Agricultural Economists. [Downloadable!]
  3. Greenville, Jared & MaCaulay, T. Gordon, 2007. "Untangling the Benefits of Protected Areas in Fisheries," Marine Resource Economics, Marine Resources Foundation, vol. 22(3). [Downloadable!]
Statistics
Access and download statistics

Did you know? It is the publishers that input data about their publications, as there is no staff at RePEc.

This page was last updated on 2009-11-11.

This information is provided to you by IDEAS at the Department of Economics, College of Liberal Arts and Sciences, University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics.