Non-Market Values and Optimal Marine Reserve Switching
Satoshi Yamazaki (),
R. Quentin Grafton () and
Tom Kompas ()
No 94825, Research Reports from Australian National University, Environmental Economics Research Hub
A stochastic bio-economic model is constructed to analyse the effects of marine reserve ‘switching’ between a ‘no take’ area and a harvested area. The model accounts for both market and non-market values of the fishery. Estimated parameters from the red throat emperor fishery from the Great Barrier Reef are used. Simulations show that an optimal switching strategy is, under a range of scenarios, preferred to fixed reserve and no reserve strategies. An important outcome is that the non-market values associated with the size of the fishery substantially affect both the returns from switching and the closure time.
Keywords: Environmental Economics and Policy; Research Methods/ Statistical Methods (search for similar items in EconPapers)
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Working Paper: Non-market values and optimal marine reserve switching (2009)
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Persistent link: https://EconPapers.repec.org/RePEc:ags:eerhrr:94825
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