Researchers: Grafton, Quentin R (Author) , Kompas, Tom (Author) , Van Ha, Pham (Author)
Brief description This record describes, and links to a working paper produced through the Crawford School of Economics and Government at The Australian National University in Canberra. ***** 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 jump diffusion 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 resource rents, and (c), lowers the chance of a catastrophic collapse following a negative shock.
Notes
Purpose
To address the question of what is the economic value of marine reserves, and how they
might assist in preventing declines or collapses in fish populations.
(Link to working paper download site)
handle :
http://hdl.handle.net/1885/43113
- global : a8c6a750-340e-11dc-849f-00188b4c0af8