The Economic Payoffs from Marine Reserves: Resource Rents in a Stochastic Environment
نویسنده
چکیده
The paper analyses the economic payoffs from marine reserves using a stochastic optimal control model. The results show that even if the reserve and harvested populations face the same negative shocks, harvesting is optimal, the population is persistent and with no uncertainty over current stock size, a reserve can increase resource rents. Using actual fishery data we demonstrate that the payoffs from a reserve, and also optimum reserve size, increase the larger is the magnitude of the negative shock, the greater its frequency, and the larger its relative impact on the harvested population. JEL CODES: Q20, D81, C61
منابع مشابه
The Economics of Marine Reserves
Marine reserves can be a useful supplement to other methods of fisheries management, but marine reserves alone are not likely to achieve a great deal in economic terms and perhaps not even in terms of conservation. The effects of marine reserves with open access elsewhere are analyzed, using a logistic model for a population with a patchy distribution. It is assumed that a marine reserve is est...
متن کاملSaving the Seas: The Economic Justification for Marine Reserves
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 rese...
متن کاملMarine reserves with ecological uncertainty.
To help manage the fluctuations inherent in fish populations scientists have argued for both an ecosystem approach to management and the greater use of marine reserves. Support for reserves includes empirical evidence that they can raise the spawning biomass and mean size of exploited populations, increase the abundance of species and, relative to reference sites, raise population density, biom...
متن کاملThe Bioeconomics of Marine Reserves: A Selected Review with Policy Implications
Synopsis: The paper ‘bridges the divide’ between the biological and economic literature on marine reserves. It provides a selected review of the traditional use of reserves, the early reserve literature, the potential benefits of reserves, spillovers from reserves to harvested areas and bioeconomic models of marine reserves. The bioeconomics literature is examined from the perspectives of deter...
متن کاملOn Marine Reserves: Rents, Resilience and ‘Rules of Thumb’
Using a bioeconomic model with two separate forms of uncertainty (a diffusion process and a jump process) a perturbation method is used to determine optimal reserve size for a harvested population with density-dependent growth. The results show that the benefits of reserves are understated in deterministic models and that, even with optimal harvesting, risk neutrality, a persistent population a...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
عنوان ژورنال:
دوره شماره
صفحات -
تاریخ انتشار 2005