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

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  • Macpherson, Alexander J.
  • Moore, Rebecca
  • Provencher, Bill

Abstract

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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  • Macpherson, Alexander J. & Moore, Rebecca & Provencher, Bill, 2006. "A Dynamic Principal-Agent Model of Human-Mediated Aquatic Species Invasions," Agricultural and Resource Economics Review, Cambridge University Press, vol. 35(1), pages 144-154, April.
    • Handle: RePEc:cup:agrerw:v:35:y:2006:i:01:p:144-154_01
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    Cited by:

    1. Goodenberger, James & Klaiber, H. Allen, 2013. "Evading Invasives: How Eurasian Water-Milfoil Effects the Development of Lakefront Properties," 2013 Annual Meeting, August 4-6, 2013, Washington, D.C. 150309, Agricultural and Applied Economics Association.
    2. Frésard, Marjolaine & Ropars-Collet, Carole, 2014. "Sustainable harvest of a native species and control of an invasive species: A bioeconomic model of a commercial fishery invaded by a space competitor," Ecological Economics, Elsevier, vol. 106(C), pages 1-11.
    3. Goodenberger, James S. & Klaiber, H. Allen, 2016. "Evading invasives: How Eurasian watermilfoil affects the development of lake properties," Ecological Economics, Elsevier, vol. 127(C), pages 173-184.

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