Heterogeneity among agent types and second-best management for non-market ecological services
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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- Herriges, Joseph A. & Kling, Catherine L., 1999.
"Nonlinear Income Effects in Random Utility Models,"
Staff General Research Papers Archive
1494, Iowa State University, Department of Economics.
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