Non-market values and optimal marine reserve switching

Satoshi Yamazaki, R. Quentin Grafton and Tom Kompas

Environmental Economics Research Hub Research Reports from Environmental Economics Research Hub, Crawford School of Public Policy, The Australian National University

Abstract: 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. Key words: marine reserves, stochastic control; non-market values

JEL-codes: C61 Q22 (search for similar items in EconPapers)
Date: 2009-05
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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:een:eenhrr:0925

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