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Heterogeneity among agent types and second-best management for non-market ecological services

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  • Fenichel, Eli P.

Abstract

Second-best management affects different agent types differently, and heterogeneity among agents may create instances when only second best management is feasible. Capital-theoretic bioeconomic modeling often has imposed representative agent assumptions that may not capture this heterogeneity. Interactions between agent heterogeneity and second-best management have received little attention. Such heterogeneity is particularly important when management actions do not directly affect extensive margin decisions. We employ a microparameter model in a dynamic bioeconomic model to incorporate agent heterogeneity and intensive and extensive margin decisions for a nonmarket good, recreational fishing. The model yields qualitatively different management recommendations when a representative agent is assumed than when heterogeneity is included using the microparameter approach.

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  • Fenichel, Eli P., 2009. "Heterogeneity among agent types and second-best management for non-market ecological services," 2009 Annual Meeting, July 26-28, 2009, Milwaukee, Wisconsin 48995, Agricultural and Applied Economics Association.
    • Handle: RePEc:ags:aaea09:48995
    DOI: 10.22004/ag.econ.48995
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