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Non-market values and optimal marine reserve switching

Author

Listed:
  • Satoshi Yamazaki

    (PhD Candidate, Crawford School of Public Policy, The Australian National University, Australia)

  • R. Quentin Grafton

    (Crawford School of Public Policy, The Australian National University, Australia)

  • Tom Kompas

    (Crawford School of Public Policy, The Australian National University, Australia)

Abstract

A stochastic bio-economic model is constructed to analyse the effects of marine reserve ‘switching’ between a ‘no take’ area and a harvested area. The model accounts for both market and non-market values of the fishery. Estimated parameters from the red throat emperor fishery from the Great Barrier Reef are used. Simulations show that an optimal switching strategy is, under a range of scenarios, preferred to fixed reserve and no reserve strategies. An important outcome is that the non-market values associated with the size of the fishery substantially affect both the returns from switching and the closure time. Key words: marine reserves, stochastic control; non-market values

Suggested Citation

  • Satoshi Yamazaki & R. Quentin Grafton & Tom Kompas, 2009. "Non-market values and optimal marine reserve switching," Environmental Economics Research Hub Research Reports 0925, Environmental Economics Research Hub, Crawford School of Public Policy, The Australian National University.
    • Handle: RePEc:een:eenhrr:0925
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    File URL: https://crawford.anu.edu.au/research_units/eerh/pdf/EERH_RR25.pdf
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    Keywords

    marine reserves; stochastic control; non-market values;
    All these keywords.

    JEL classification:

    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
    • Q22 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Fishery

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