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Optimal Management of Multiple Renewable Resource Stocks: An Application to Minke Whales

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  • Richard Horan

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  • James Shortle

Abstract

Most bioeconomic models of efficient renewable resource management are constructed for a single harvesting ground. A bioeconomic model is developed in this paper to study the optimal management of renewable resources that are found in spatially distinct harvesting grounds. The model is applied to Minke whale management. Important inter-regional substitution effects are shown to exist. In addition, comparison with previous studies shows that multiple stock management is necessary for efficient management. Finally, the current Minke whale moratorium is shown to be inefficient unless significant nonmarket values exist. Copyright Kluwer Academic Publishers 1999

Suggested Citation

  • Richard Horan & James Shortle, 1999. "Optimal Management of Multiple Renewable Resource Stocks: An Application to Minke Whales," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 13(4), pages 435-458, June.
  • Handle: RePEc:kap:enreec:v:13:y:1999:i:4:p:435-458
    DOI: 10.1023/A:1008261710951
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    References listed on IDEAS

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    1. Bulte, Erwin & Folmer, Henk & Heijman, Wim, 1998. "Dynamic and Static Approaches to Mixed Good Management: The Case of Minke Whales in the Northeast Atlantic," European Review of Agricultural Economics, Foundation for the European Review of Agricultural Economics, vol. 25(1), pages 73-91.
    2. Conrad, Jon M. & Adu-Asamoah, Richard, 1986. "Single and multispecies systems: The the Eastern Tropical Atlantic," Journal of Environmental Economics and Management, Elsevier, vol. 13(1), pages 50-68, March.
    3. Dermot J. Hayes & Thomas I. Wahl & Gary W. Williams, 1990. "Testing Restrictions on a Model of Japanese Meat Demand," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 72(3), pages 556-566.
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    5. Conrad, Jon M, 1989. "Bioeconomics and the Bowhead Whale," Journal of Political Economy, University of Chicago Press, vol. 97(4), pages 974-987, August.
    6. Bjorndal, Trond, 1988. "The optimal management of North Sea Herring," Journal of Environmental Economics and Management, Elsevier, vol. 15(1), pages 9-29, March.
    7. Eirik Amundsen & Trond Bjørndal & Jon Conrad, 1995. "Open access harvesting of the Northeast Atlantic minke whale," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 6(2), pages 167-185, September.
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    Citations

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    Cited by:

    1. Mazzanti, Massimiliano, 2001. "The role of economics in global management of whales: re-forming or re-founding IWC?," Ecological Economics, Elsevier, vol. 36(2), pages 205-221, February.
    2. James Roumasset & Christopher Wada, 2009. "Integrated Management of the South Oahu Aquifer System: A Spatial and Temporal Approach," Working Papers 200902, University of Hawaii at Manoa, Department of Economics.
    3. Kompas, Tom & Dichmont, Cathy M. & Punt, Andre E. & Deng, A. & Che, Tuong Nhu & Bishop, Janet & Gooday, Peter & Ye, Yemin & Zhou, S., 2010. "Maximizing profits and conserving stocks in the Australian Northern Prawn Fishery," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 54(3), September.
    4. Roumasset James & Wada Christopher A, 2011. "Ordering Renewable Resources: Groundwater, Recycling, and Desalination," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 11(1), pages 1-29, May.
    5. Eppink, Florian V. & van den Bergh, Jeroen C.J.M., 2007. "Ecological theories and indicators in economic models of biodiversity loss and conservation: A critical review," Ecological Economics, Elsevier, vol. 61(2-3), pages 284-293, March.
    6. Zhang Wei-Bin, 2011. "Economic Growth And Dynamics Of Renewable Resource With Housing, Agricultural And Resource Land Use," Studies in Business and Economics, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 6(2), pages 151-174, August.
    7. Kuo, Hsiao-I. & Chen, Chi-Chung & McAleer, Michael, 2012. "Estimating the impact of whaling on global whale-watching," Tourism Management, Elsevier, vol. 33(6), pages 1321-1328.
    8. James Roumasset & Christopher Wada, 2013. "Ordering Extraction from Multiple Aquifers," Working Papers 2013-12, University of Hawaii Economic Research Organization, University of Hawaii at Manoa.
    9. Roumasset, James A. & Wada, Christopher A., 2012. "Ordering the extraction of renewable resources: The case of multiple aquifers," Resource and Energy Economics, Elsevier, vol. 34(1), pages 112-128.
    10. David Pearce & Phoebe Koundouri, "undated". "Diffuse Pollution and the Role of Agriculture," DEOS Working Papers 0301, Athens University of Economics and Business.
    11. James Roumasset & Christopher Wada, 2009. "Renewable Resource Management with Alternative Sources: the Case of Multiple Aquifers and a "Backstop" Resource," Working Papers 200913, University of Hawaii at Manoa, Department of Economics.
    12. Quaas, Martin F. & van Soest, Daan & Baumgärtner, Stefan, 2013. "Complementarity, impatience, and the resilience of natural-resource-dependent economies," Journal of Environmental Economics and Management, Elsevier, vol. 66(1), pages 15-32.
    13. Richard Horan & Erwin Bulte, 2004. "Optimal and Open Access Harvesting of Multi-Use Species in a Second-Best World," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 28(3), pages 251-272, July.

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