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Saving the seas: The economic justification for marine reserves

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

Description

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 reserves have no value if harvesting is optimal, reserves and optimal output controls are equivalent,...[Show more]

CollectionsANU Research Publications
Date published: 2004-03
Type: Working/Technical Paper
URI: http://hdl.handle.net/10440/1209

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