The economic payoffs from marine reserves: resource rents in a stochastic environment
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Kompas, Tom; Pham, Van Ha; Grafton, Quentin
Description
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...[Show more]
dc.contributor.author | Kompas, Tom | |
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dc.contributor.author | Pham, Van Ha | |
dc.contributor.author | Grafton, Quentin | |
dc.date.accessioned | 2010-10-27T04:12:56Z | |
dc.date.accessioned | 2010-12-20T06:03:18Z | |
dc.date.available | 2010-10-27T04:12:56Z | |
dc.date.available | 2010-12-20T06:03:18Z | |
dc.identifier.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. | |
dc.identifier.issn | 0013-0249 | |
dc.identifier.other | JEL CODES: Q20, D81, C61 | |
dc.identifier.uri | http://hdl.handle.net/10440/1203 | |
dc.description.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. | |
dc.format.extent | 28 pages | |
dc.format.mimetype | application/pdf | |
dc.language.iso | en_AU | |
dc.publisher | Crawford School of Economics and Government, The Australian National University | |
dc.rights | Author/s retain copyright | |
dc.source | The Economic Record | |
dc.source.uri | http://www.crawford.anu.edu.au/degrees/idec/working_papers/IDEC05-3.pdf | |
dc.title | The economic payoffs from marine reserves: resource rents in a stochastic environment | |
dc.type | Working/Technical Paper | |
local.identifier.citationvolume | 82 | |
dc.date.issued | 2005 | |
local.identifier.absfor | 140205 - Environment and Resource Economics | |
local.identifier.ariespublication | u4132787xPUB40 | |
local.publisher.url | http://www.crawford.anu.edu.au | |
local.type.status | Published Version | |
local.contributor.affiliation | Grafton, R Quentin, College of Asia and the Pacific, ANU | |
local.contributor.affiliation | Kompas, Thomas, College of Asia and the Pacific, ANU | |
local.contributor.affiliation | Pham, Van Ha, College of Asia and the Pacific, ANU | |
local.bibliographicCitation.issue | 259 | |
local.bibliographicCitation.startpage | 469 | |
local.bibliographicCitation.lastpage | 480 | |
local.identifier.doi | 10.1111/j.1475-4932.2006.00360.x | |
local.identifier.absseo | 830207 - Wild Caught Tuna | |
dc.date.updated | 2015-12-08T03:33:26Z | |
local.bibliographicCitation.placeofpublication | Canberra, ACT, Australia | |
local.identifier.scopusID | 2-s2.0-33750050811 | |
dcterms.accessRights | Open Access | |
dc.provenance | Permission granted by Crawford School to archive their papers and make them publically available - permission given by Director, Research, Crawford School of Economics and Government, in email dated 30/10/10 | |
Collections | ANU Crawford School of Public Policy |
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