Cod Today and None Tomorrow: The Economic Value of a Marine Reserve
Using data from what was once one of the world’s largest capture fisheries the economic value of a marine reserve is calculated using a stochastic optimal control model with a jump diffusion process. The results show that with a stochastic environment an optimal-sized marine reserve can generate a triple payoff that (a), raises the resource rent even when harvesting is ‘optimal’, (b) decreases the recovery time for the biomass to return to its former state and smooths fishers’ harvests and resource rents, and (c), lowers the chance of a catastrophic collapse following a negative shock.
|Date of creation:||2005|
|Date of revision:|
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- Gaspar, Jess & L. Judd, Kenneth, 1997.
"Solving Large-Scale Rational-Expectations Models,"
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- repec:cup:macdyn:v:1:y:1997:i:1:p:45-75 is not listed on IDEAS
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- R. Quentin Grafton & Tom Kompas & Pham Van Ha, 2005.
"The Economic Payoffs from Marine Reserves: Resource Rents in a Stochastic Environment,"
International and Development Economics Working Papers
idec05-3, International and Development Economics.
- R. Quentin Grafton & Tom Kompas & Pham Van Ha, 2006. "The Economic Payoffs from Marine Reserves: Resource Rents in a Stochastic Environment," The Economic Record, The Economic Society of Australia, vol. 82(259), pages 469-480, December.
- Pezzey, John C. V. & Roberts, Callum M. & Urdal, Bjorn T., 2000. "A simple bioeconomic model of a marine reserve," Ecological Economics, Elsevier, vol. 33(1), pages 77-91, April.
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