The economic payoffs from marine reserves: resource rents in a stochastic environment
Date
2005
Authors
Kompas, Tom
Pham, Van Ha
Grafton, Quentin
Journal Title
Journal ISSN
Volume Title
Publisher
Crawford School of Economics and Government, The Australian National University
Abstract
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.
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Citation
Grafton, R.Q., Kompas, T. & Pham, V.H. (2005). The economic payoffs from marine reserves: Resource rents in a stochastic environment. International and Development Economics Paper 05-3. Canberra, ACT: Crawford School of Economics and Government, The Australian National University.
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Source
The Economic Record
Type
Working/Technical Paper
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Open Access
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