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Harvesting versus Biodiversity: An Occam's Razor Version

Author

Listed:
  • Chuan-Zhong Li
  • Karl-Gustaf Löfgren
  • Martin Weitzman

Abstract

The point of departure for this paper is the familiar prototype fisheriesmodel where a fictitious sole owner harvests a fish population to maximizepresent discounted profits. The paper answers analytically the followingquestion. ``What happens to a policy when the sole owner also valuesbiodiversity, as well as profits?'' It turns out that the size of the steady-state stock and the number of species preserved are both higher, whenspecies diversity is positively valued. This paper provides a sharpcharacterization of the optimal policy in terms of the usual economicparameters and an exogenously introduced willingness-to-pay function forspecies preservation. Copyright Kluwer Academic Publishers 2001

Suggested Citation

  • Chuan-Zhong Li & Karl-Gustaf Löfgren & Martin Weitzman, 2001. "Harvesting versus Biodiversity: An Occam's Razor Version," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 18(4), pages 355-366, April.
  • Handle: RePEc:kap:enreec:v:18:y:2001:i:4:p:355-366
    DOI: 10.1023/A:1011184509459
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    References listed on IDEAS

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    1. Spence, A Michael & Starrett, David, 1975. "Most Rapid Approach Paths in Accumulation Problems," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 16(2), pages 388-403, June.
    2. Li, Chuan-Zhong & L Fgren, Karl-Gustaf, 1998. "A dynamic model of biodiversity preservation," Environment and Development Economics, Cambridge University Press, vol. 3(02), pages 157-172, May.
    3. Cropper, Maureen L & Oates, Wallace E, 1992. "Environmental Economics: A Survey," Journal of Economic Literature, American Economic Association, vol. 30(2), pages 675-740, June.
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    Citations

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    Cited by:

    1. William A. Brock & Anastasios Xepapadeas, 2003. "Valuing Biodiversity from an Economic Perspective: A Unified Economic, Ecological, and Genetic Approach," American Economic Review, American Economic Association, vol. 93(5), pages 1597-1614, December.
    2. Bertram, Christine, 2010. "Integrating biodiversity indices into a multi-species optimal control model," Kiel Working Papers 1662, Kiel Institute for the World Economy (IfW).
    3. 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.

    More about this item

    Keywords

    biodiversity; optimal policy; parameters;

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