Using Fast and Slow Processes to Manage Resources with Thresholds
Economists have relied on convexity assumptions for a long time but many natural resources that stem from ecosystems have non-convexities in their dynamics. This article illustrates the consequences of relaxing convexity assumptions for management and the role of fast and slow variables. The paper presents a general framework to handle systems with fast and slow variables, and illustrates the method using a model of coral reefs subject to fishing pressure. The insights obtained are used to discuss alternative management strategies. Copyright Springer Science+Business Media, Inc. 2007
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Volume (Year): 36 (2007)
Issue (Month): 2 (February)
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