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The economic payoffs from marine reserves: resource rents in a stochastic environment

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


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...[Show more]

CollectionsANU Research Publications
Date published: 2005
Type: Working/Technical Paper
Source: The Economic Record
DOI: 10.1111/j.1475-4932.2006.00360.x


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