Non-consumptive values and optimal marine reserve switching
A bioeconomic model is constructed to analyze spatial harvesting and the effects of marine reserve "switching" between a "no-take" area and a harvested area while accounting for both harvesting/consumptive and also non-consumptive values of the fishery. Using estimated parameters from the red throat emperor fishery from the Great Barrier Reef, simulations show that an optimal switching strategy can be preferred to a fixed reserve regime, but is dependent on spillovers from reserves to harvested areas, the nature of shocks to the environment, the size of the non-consumptive values and how they change with the biomass, and the sensitivity of profits to the harvest and biomass. Importantly, the results show that how non-consumptive values change with the size of the fishery substantially affects both the returns from switching and the optimal closure time.
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- R. Quentin Grafton & Tom Kompas & Pham Van Ha, 2006.
"The Economic Payoffs from Marine Reserves: Resource Rents in a Stochastic Environment,"
The Economic Record,
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- R. Quentin Grafton & Tom Kompas & Pham Van Ha, 2005. "The Economic Payoffs from Marine Reserves: Resource Rents in a Stochastic Environment," International and Development Economics Working Papers idec05-3, International and Development Economics.
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- R. Grafton & Tom Kompas & Viktoria Schneider, 2005. "The Bioeconomics of Marine Reserves: A Selected Review with Policy Implications," Journal of Bioeconomics, Springer, vol. 7(2), pages 161-178, 01.
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