A Dynamic Principal-Agent Model of Human-Mediated Aquatic Species Invasions

Alexander J. Macpherson, Rebecca Moore and Bill Provencher
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Alexander J. Macpherson: University of Florida
Rebecca Moore: University of Wisconsin
Bill Provencher: University of Wisconsin

Agricultural and Resource Economics Review, 2006, vol. 35, issue 1, pages 144–154

Abstract: This paper presents a dynamic principal-agent model of aquatic species invasions in which a manager, concerned about the spread of invasive species across lakes by boaters, sets interseasonal management controls on a lake-by-lake basis, and boaters make a series of intraseasonal trip decisions to maximize random utility during the course of the season, conditional on the controls imposed by the manager. The results of a simulated invasion of Eurasian watermilfoil (Myriophyllum spicatum) highlight interesting aspects of the optimal management policies under two different management objectives: maximizing boater welfare and minimizing milfoil spread.

Keywords: invasive species; random utility model; Eurasion watermilfoil; dynamic optimization; principal-agent (search for similar items in EconPapers)

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