Saving the Seas: The Economic Justification for Marine Reserves
R. Quentin Grafton (),
Pham Van Ha and
Tom Kompas ()
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Pham Van Ha: Australian National University
Economics and Environment Network Working Papers from Australian National University, Economics and Environment Network
We contribute to the understanding of marine reserves and the management of renewable resources with uncertainty. We show that the key benefit of reserves is that they increase resilience, or the speed it takes a population to return to a former state following a negative shock. Resilience can also increase resource rents even with optimal harvesting. We contradict the accepted wisdom that reserves have no value if harvesting is optimal, reserves and optimal output controls are equivalent, reserves have value only with overexploited populations and that reserves must be large to offer benefits to fishers.
Keywords: Marine Reserves; Uncertainty (search for similar items in EconPapers)
JEL-codes: Q20 D81 C61 (search for similar items in EconPapers)
Pages: 25 pages
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Working Paper: Saving the Seas: The Economic Justification for Marine Reserves (2004)
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Persistent link: https://EconPapers.repec.org/RePEc:anu:eenwps:0402
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