The Economic Payoffs from Marine Reserves: Resource Rents in a Stochastic Environment

R. Quentin Grafton, Tom Kompas and Pham Van Ha

International and Development Economics Working Papers from International and Development Economics

Abstract: The paper analyses the economic payoffs from marine reserves using a stochastic optimal control model. The results show that even if the reserve and harvested populations face the same negative shocks, harvesting is optimal, the population is persistent and with no uncertainty over current stock size, a reserve can increase resource rents. Using actual fishery data we demonstrate that the payoffs from a reserve, and also optimum reserve size, increase the larger is the magnitude of the negative shock, the greater its frequency, and the larger its relative impact on the harvested population.

JEL-codes: D81 Q20 (search for similar items in EconPapers)
Pages: 32 pages
Date: 2005
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Citations: View citations in EconPapers (3)

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Journal Article: The Economic Payoffs from Marine Reserves: Resource Rents in a Stochastic Environment (2006)
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Persistent link: https://EconPapers.repec.org/RePEc:idc:wpaper:idec05-3

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