Dynamic Use of Closures and Imperfectly Enforced Quotas in a Metapopulation
The dynamic efficiency of closures in bioeconomic systems depends upon stock levels and "in situ" values that evolve over time, and on relative costs of implementation. A model of a harvested metapopulation is presented in which second-best reduction of harvest from open-access levels using input quotas balances monitoring costs against dynamic benefits of mitigating overharvesting. Temporary or permanent closures-though generally still second best-are preferable to quotas under certain conditions, as demonstrated for a representative patch and time period. Interactions between patches are discussed. Numerical solutions illustrate comparative dynamics of closure use, and show their potential benefits in a dynamic regulatory path. Copyright 2007 American Agricultural Economics Association.
Year of publication: |
2007
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Authors: | Herrera, Guillermo E. |
Published in: |
American Journal of Agricultural Economics. - American Agricultural Economics Association. - Vol. 89.2007, 1, p. 176-189
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Publisher: |
American Agricultural Economics Association |
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