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Cod today and none tomorrow: The economic value of a marine reserve

Kompas, Tom; Pham, Van Ha; Grafton, Quentin


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 jumpdiffusion 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...[Show more]

CollectionsANU Crawford School of Public Policy
Type: Working/Technical Paper
Source: Land Economics
Access Rights: Open Access


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