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- Title
Harvesting versus biodiversity: an Occam's Razor version
- Authors
Weitzman, Martin L.; Lofgren, Karl-Gustaf; Li, Chuan-Zhong
- Abstract
The point of departure for this paper is the familiar prototype fisheries model where a fictitious sole owner harvests a fish population to maximize present discounted profits. The paper answers analytically the following question. 'What happens to a policy when the sole owner also values biodiversity, as well as profits?' It turns out that the size of the steady-state stock and the number of species preservedare both higher, when species diversity is positively valued. This paper provides a sharp characterization of the optimal policy in termsof the usual economic parameters and an exogenously introduced willingness-to-pay function for species preservation.
- Subjects
BIODIVERSITY; ECONOMICS; FISHERY management; MATHEMATICAL analysis; MATHEMATICAL models; WILLINGNESS to pay
- Publication
Environmental & Resource Economics, 2001, Vol 18, Issue 4, p355
- ISSN
0924-6460
- Publication type
Article
- DOI
10.1023/a:1011184509459