Optimal Harvesting of a Spatial Renewable Resource
In this paper we investigate optimal harvesting of a renewable natural resource. While in the standard approach the resource is located at a single point in space we allow for the resource to be distributed over the plane. Consequently, an agent who exploits the resource has to travel from one location to another. For a fixed planning horizon we investigate the speed and the time path of harvesting chosen by the agent. We show that the agent adjusts the speed of movement so that he accomplishes to visit each location only once, even in the absence of travelling cost. Since he does not come back to any location for a second harvest, it is optimal for him to fully deplete the resource upon arrival. A society interested in conserving some of the resource thus has to take measures suitable to limit the exploitative behaviour of the agent.
|Date of creation:||2012|
|Contact details of provider:|| Postal: Poschingerstrasse 5, 81679 Munich|
Phone: +49 (89) 9224-0
Fax: +49 (89) 985369
Web page: http://www.cesifo-group.de
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Smith, Martin D. & Sanchirico, James N. & Wilen, James E., 2009. "The economics of spatial-dynamic processes: Applications to renewable resources," Journal of Environmental Economics and Management, Elsevier, vol. 57(1), pages 104-121, January.
- Anthony Scott, 1955. "The Fishery: The Objectives of Sole Ownership," Journal of Political Economy, University of Chicago Press, vol. 63, pages 116-116.
- H. Scott Gordon, 1954. "The Economic Theory of a Common-Property Resource: The Fishery," Journal of Political Economy, University of Chicago Press, vol. 62, pages 124-124.
- Tahvonen, Olli, 2009. "Economics of harvesting age-structured fish populations," Journal of Environmental Economics and Management, Elsevier, vol. 58(3), pages 281-299, November.
- William Brock & Anastasios Xepapadeas & Athanasios Yannacopoulos, "undated".
"Robust Control of a Spatially Distributed Commercial Fishery,"
DEOS Working Papers
1303, Athens University of Economics and Business.
- William A. Brock & Anastasios Xepapadeas & Athanasios. N. Yannacopoulos, 2013. "Robust Control of a Spatially Distributed Commercial Fishery," Working Papers 2013.11, Fondazione Eni Enrico Mattei.
- Brock, William & Xepapadeas, Anastasios, 2010.
"Pattern formation, spatial externalities and regulation in coupled economic-ecological systems,"
Journal of Environmental Economics and Management,
Elsevier, vol. 59(2), pages 149-164, March.
- Brock, William & Xepapadeas, Anastasios, 2008. "Pattern Formation, Spatial Externalities and Regulation in Coupled Economic-Ecological Systems," MPRA Paper 9105, University Library of Munich, Germany.
- Brennan, Michael J & Schwartz, Eduardo S, 1985. "Evaluating Natural Resource Investments," The Journal of Business, University of Chicago Press, vol. 58(2), pages 135-157, April.
- Hannesson, Rögnvaldur, 2011. "Rights based fishing on the high seas: Is it possible?," Marine Policy, Elsevier, vol. 35(5), pages 667-674, September.
- Natali Hritonenko & Yuri Yatsenko, 2006. "Optimization of Harvesting Return from Age-Structured Population," Journal of Bioeconomics, Springer, vol. 8(2), pages 167-179, August.
- James E. Wilen, 2007. "Economics of Spatial-Dynamic Processes," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 89(5), pages 1134-1144.
- Esther W. Mezey & Jon M. Conrad, 2010. "Real Options in Resource Economics," Annual Review of Resource Economics, Annual Reviews, vol. 2(1), pages 33-52, October.
- Deacon, Robert T. & Brookshire, David S. & Fisher, Anthony C. & Kneese, Allen V. & Kolstad, Charles D. & Scrogin, David & Smith, V. Kerry & Ward, Michael & Wilen, James, 1998.
"Research Trends and Opportunities in Environmental and NaturalResource Economics,"
98-05, Duke University, Department of Economics.
- Robert Deacon & Charles Kolstad & Allen Kneese & David Brookshire & David Scrogin & Anthony Fisher & Michael Ward & Kerry Smith & James Wilen, 1998. "Research Trends and Opportunities in Environmental and Natural Resource Economics," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 11(3), pages 383-397, April.
- Costello, Christopher & Polasky, Stephen, 2008. "Optimal harvesting of stochastic spatial resources," Journal of Environmental Economics and Management, Elsevier, vol. 56(1), pages 1-18, July.
- Conrad,Jon M., 2010. "Resource Economics," Cambridge Books, Cambridge University Press, number 9780521697675, May.
- Conrad,Jon M., 2010. "Resource Economics," Cambridge Books, Cambridge University Press, number 9780521874953, May.
- Elizabeth J. Z. Robinson & Heidi J. Albers & Jeffrey C. Williams, 2006.
"Spatial and Temporal Modeling of Community Non-Timber Forest Extraction,"
CSAE Working Paper Series
2006-03, Centre for the Study of African Economies, University of Oxford.
- Robinson, Elizabeth J.Z. & Albers, Heidi J. & Williams, Jeffrey C., 2008. "Spatial and temporal modeling of community non-timber forest extraction," Journal of Environmental Economics and Management, Elsevier, vol. 56(3), pages 234-245, November.
- Sanchirico, James N. & Wilen, James E., 2005. "Optimal spatial management of renewable resources: matching policy scope to ecosystem scale," Journal of Environmental Economics and Management, Elsevier, vol. 50(1), pages 23-46, July.
When requesting a correction, please mention this item's handle: RePEc:ces:ceswps:_4019. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Klaus Wohlrabe)
If references are entirely missing, you can add them using this form.