Grafton, R. Quentin; Kompas, Tom; Ha, Pham Van - In: Land Economics 85 (2009) 3
Using data from what was once one of the world’s largest capture fisheries, the northern cod fishery, the economic value of a marine reserve is calculated using a stochastic optimal control model with a jump-diffusion process. Counterfactual analysis shows that with a stochastic environment an...