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

  • Richard Horan

    ()

  • James Shortle

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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File URL: http://hdl.handle.net/10.1023/A:1008261710951
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Article provided by European Association of Environmental and Resource Economists in its journal Environmental and Resource Economics.

Volume (Year): 13 (1999)
Issue (Month): 4 (June)
Pages: 435-458

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Handle: RePEc:kap:enreec:v:13:y:1999:i:4:p:435-458
Contact details of provider: Web page: http://www.springerlink.com/link.asp?id=100263

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  1. Bjorndal, Trond, 1988. "The optimal management of North Sea Herring," Journal of Environmental Economics and Management, Elsevier, vol. 15(1), pages 9-29, March.
  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. Andrew Metrick & Martin L. Weitzman, 1996. "Patterns of Behavior in Endangered Species Preservation," Land Economics, University of Wisconsin Press, vol. 72(1), pages 1-16.
  4. 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.
  5. Eirik Amundsen & Trond Bjørndal & Jon Conrad, 1995. "Open access harvesting of the Northeast Atlantic minke whale," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 6(2), pages 167-185, September.
  6. Conrad, Jon M, 1989. "Bioeconomics and the Bowhead Whale," Journal of Political Economy, University of Chicago Press, vol. 97(4), pages 974-87, August.
  7. Hayes, Dermot J. & Wahl, Thomas I. & Williams, Gary W., 1990. "Testing Restrictions on a Model of Japanese Meat Demand," Staff General Research Papers 10940, Iowa State University, Department of Economics.
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