Spatial Dynamics of Optimal Management in Bioeconomic Systems

David Aadland (), Charles Sims and David Finnoff

Computational Economics, 2015, vol. 45, issue 4, 545-577

Abstract: We develop a computationally efficient methodology to evaluate optimal management in a spatially and temporally dynamic bioeconomic system. The method involves standard techniques from the macroeconomics literature to calculate approximately optimal linear decision rules. Iterations between the decision rules and the nonlinear biological system produce optimal transition paths over space and time. We then apply the methodology to forest management over a $$6\times 6$$ 6 × 6 spatial grid where a pest insect (mountain pine beetles) preys on trees that provide a wide array of ecosystem services. The method is sufficiently general to be applicable to a wide range of spatially and temporally dynamic economic systems. Copyright Springer Science+Business Media New York 2015

Keywords: Dynamic systems; Spatial models; Bioeconomics; Migration; Predator-prey models; C61; D62; Q23; Q57 (search for similar items in EconPapers)
Date: 2015
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Citations: View citations in EconPapers (13)

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DOI: 10.1007/s10614-014-9442-y

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