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A Dynamic Principal-Agent Model of Human-Mediated Aquatic Species Invasions

  • MacPherson, Alexander J.
  • Moore, Rebecca
  • Provencher, Bill
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    This paper presents a dynamic principal-agent model of aquatic species invasions in which a manager, concerned about the spread of invasive species across lakes by boaters, sets interseasonal management controls on a lake-by-lake basis, and boaters make a series of intraseasonal trip decisions to maximize random utility during the course of the season, conditional on the controls imposed by the manager. The results of a simulated invasion of Eurasian watermilfoil (Myriophyllum spicatum) highlight interesting aspects of the optimal management policies under two different management objectives: maximizing boater welfare and minimizing milfoil spread.

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    File URL: http://purl.umn.edu/10189
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    Article provided by Northeastern Agricultural and Resource Economics Association in its journal Agricultural and Resource Economics Review.

    Volume (Year): 35 (2006)
    Issue (Month): 1 (April)
    Pages:

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    Handle: RePEc:ags:arerjl:10189
    Contact details of provider: Web page: http://www.narea.org/

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    1. Settle, Chad & Crocker, Thomas D. & Shogren, Jason F., 2002. "On the joint determination of biological and economic systems," Ecological Economics, Elsevier, vol. 42(1-2), pages 301-311, August.
    2. Timothy C. Haab & Robert L. Hicks, . "Accounting for Choice Set Endogeneity in Random Utility Models of Recreation Demand," Working Papers 9608, East Carolina University, Department of Economics.
    3. George R. Parsons & Michael S. Needelman, 1992. "Site Aggregation in a Random Utility Model of Recreation," Land Economics, University of Wisconsin Press, vol. 68(4), pages 418-433.
    4. Robert L. Hicks & Ivar E. Strand, 2000. "The Extent of Information: Its Relevance for Random Utility Models," Land Economics, University of Wisconsin Press, vol. 76(3), pages 374-385.
    5. Feather Peter & Hellerstein Daniel & Tomasi Theodore, 1995. "A Discrete-Count Model of Recreational Demand," Journal of Environmental Economics and Management, Elsevier, vol. 29(2), pages 214-227, September.
    6. Chad Settle & Jason E Shogren, 2002. "Modeling Native-Exotic Species within Yellowstone Lake," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 84(5), pages 1323-1328.
    7. Finnoff, David & Shogren, Jason F. & Leung, Brian & Lodge, David, 2005. "The importance of bioeconomic feedback in invasive species management," Ecological Economics, Elsevier, vol. 52(3), pages 367-381, February.
    8. George R. Parsons & Mary Jo Kealy, 1992. "Randomly Drawn Opportunity Sets in a Random Utility Model of Lake Recreation," Land Economics, University of Wisconsin Press, vol. 68(1), pages 93-106.
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