Optimal Escapement Levels on Renewable Resource Management under Process Uncertainty: Some Implications of Convex Unit Harvest Cost

Koji Kotani, Makoto Kakinaka and Hiroyuki Matsuda ()
Additional contact information
Hiroyuki Matsuda: Yokohama National University, http://www.ynu.ac.jp/

No EMS_2008_05, Working Papers from Research Institute, International University of Japan

Abstract: The terminology of renewable resource management becomes to span not only prototype harvesting problems but also various new types such as invasive species one. In all of these problems, process uncertainty of stock growth associated with environmental variability is one of the critical factors that significantly affects the management efficiency. While it may seem that a series of past researches fully examine optimal policy under process uncertainty, the case of convex unit harvest costs has not been fully characterized yet. Focusing on such a case, this paper addresses how the degree of process uncertainty affects optimal escapement level. The result suggests that optimal escapement level does not monotonically vary with process uncertainty. In many plausible cases, it should be adapted in a U-shaped manner, which is in contrast with the conventional wisdom.

Keywords: renewable resource management; constant escapement rule; process uncertainty; convex unit harvest cost (search for similar items in EconPapers)
Pages: 16 pages
Date: 2008-04
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
https://www.iuj.ac.jp/workingpapers/index.cfm?File=EMS_2008_05.pdf First version, 2008 (application/pdf)

Related works:
Journal Article: Optimal escapement levels on renewable resource management under process uncertainty: some implications of convex unit harvest cost (2008)
Journal Article: Optimal escapement levels on renewable resource management under process uncertainty: some implications of convex unit harvest cost (2008)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:iuj:wpaper:ems_2008_05

Access Statistics for this paper

More papers in Working Papers from Research Institute, International University of Japan 777 Kokusai-cho, Minami Uonuma0-shi, Niigata 949-7277 JAPAN. Contact information at EDIRC.
Bibliographic data for series maintained by Kazumi Imai, Office of Academic Affairs ().