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

Alexander J. Macpherson, Rebecca Moore and Bill Provencher

Agricultural and Resource Economics Review, 2006, vol. 35, issue 1, 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.

Date: 2006
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