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Saving the Seas: The Economic Justification for Marine Reserves

  • R. Quentin Grafton

    ()

    (Australian National University, Asia Pacific School of Economics and Government)

  • Pham Van Ha

    (Australian National University)

  • Tom Kompas

    ()

    (Australian National University, Asia Pacific School of Economics and Government)

We contribute to the understanding of marine reserves and the management of renewable resources with uncertainty. We show that the key benefit of reserves is that they increase resilience, or the speed it takes a population to return to a former state following a negative shock. Resilience can also increase resource rents even with optimal harvesting. We contradict the accepted wisdom that reserves have no value if harvesting is optimal, reserves and optimal output controls are equivalent, reserves have value only with overexploited populations and that reserves must be large to offer benefits to fishers.

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File URL: http://een.anu.edu.au/download_files/een0402.pdf
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Paper provided by Australian National University, Economics and Environment Network in its series Economics and Environment Network Working Papers with number 0402.

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Length: 25 pages
Date of creation: Mar 2004
Date of revision:
Handle: RePEc:anu:eenwps:0402
Contact details of provider: Web page: http://een.anu.edu.au/

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  1. Sanchirico, James N. & Wilen, James E., 2001. "A Bioeconomic Model of Marine Reserve Creation," Journal of Environmental Economics and Management, Elsevier, vol. 42(3), pages 257-276, November.
  2. Sanchirico, James N. & Wilen, James E., 1999. "Bioeconomics of Spatial Exploitation in a Patchy Environment," Journal of Environmental Economics and Management, Elsevier, vol. 37(2), pages 129-150, March.
  3. R. Quentin Grafton & Leif K. Sandal & Stein Ivar Steinshamn, 2000. "How to Improve the Management of Renewable Resources: The Case of Canada's Northern Cod Fishery," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 82(3), pages 570-580.
  4. Alp E. Atakan, 2003. "Stochastic convexity in dynamic programming," Economic Theory, Springer, vol. 22(2), pages 447-455, 09.
  5. Boersma, P. Dee & Parrish, Julia K., 1999. "Limiting abuse: marine protected areas, a limited solution," Ecological Economics, Elsevier, vol. 31(2), pages 287-304, November.
  6. Caddy, J. F. & Gulland, J. A., 1983. "Historical patterns of fish stocks," Marine Policy, Elsevier, vol. 7(4), pages 267-278, October.
  7. Jess Gaspar & Kenneth L. Judd, 1997. "Solving Large Scale Rational Expectations Models," NBER Technical Working Papers 0207, National Bureau of Economic Research, Inc.
  8. Kenneth L. Judd, 1997. "Computational Economics and Economic Theory: Substitutes or Complements," NBER Technical Working Papers 0208, National Bureau of Economic Research, Inc.
  9. Smith, Martin D. & Wilen, James E., 2003. "Economic impacts of marine reserves: the importance of spatial behavior," Journal of Environmental Economics and Management, Elsevier, vol. 46(2), pages 183-206, September.
  10. Sanchirico, James & Wilen, James, 2000. "The Impacts of Marine Reserves on Limited-Entry Fisheries," Discussion Papers dp-00-34, Resources For the Future.
  11. repec:cup:macdyn:v:1:y:1997:i:1:p:45-75 is not listed on IDEAS
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