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

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  • Richard Horan
  • 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

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  • 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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    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.
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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), pages 1-19.
    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. 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.
    6. 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.
    7. 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.
    8. 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.
    9. Richard Horan & Christopher A. Wolf & Eli P. Fenichel & Kenneth H. Mathews, 2005. "Spatial Management of Wildlife Disease," Review of Agricultural Economics, Agricultural and Applied Economics Association, vol. 27(3), pages 483-490.
    10. 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.
    11. 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.
    12. Horan, R.D. & Bulte, E.H., 2004. "Optimal and open access harvesting and multi-use species in a second best world," Other publications TiSEM 95000e50-7225-4f4d-aeaf-a, Tilburg University, School of Economics and Management.
    13. 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.
    14. 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.
    15. 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.
    16. Pearce, David & Koundouri, Phoebe, 2003. "Diffuse Pollution and the Role of Agriculture," MPRA Paper 38443, University Library of Munich, Germany.
    17. Bui Bich Xuan & Claire W. Armstrong, 2019. "Trading Off Tourism for Fisheries," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 73(2), pages 697-716, June.

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