Optimal management of multiple renewable resource stocks: An application to Minke whales

Richard D. Horan, James Samuel Shortle

Research output: Contribution to journalArticlepeer-review

19 Scopus citations

Abstract

Most bioeconomic models of efficient renewable resource management are constructed for a single harvesting ground. A bioeconomic model is developed in this paper to study the optimal management of renewable resources that are found in spatially distinct harvesting grounds. The model is applied to Minke whale management. Important inter-regional substitution effects are shown to exist. In addition, comparison with previous studies shows that multiple stock management is necessary for efficient management. Finally, the current Minke whale moratorium is shown to be inefficient unless significant nonmarket values exist.

Original languageEnglish (US)
Pages (from-to)435-458
Number of pages24
JournalEnvironmental and Resource Economics
Volume13
Issue number4
DOIs
StatePublished - May 31 1999

All Science Journal Classification (ASJC) codes

  • Economics and Econometrics
  • Management, Monitoring, Policy and Law

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