An intergenerational model of resource development is constructed to examine the concepts of option and existence value. These concepts are seen to relate to a more fundamental concept: the expected value of perfect information. The analysis would suggest that when sequencing irreversible...

A simple bieconomic model (the Gordon-SChaefer model) is estimated for three species of tuna in the Eastern Tropical Atlantic. The model conformed well to the data and afforded estimates of maximum sustainable yield, bioeconomic and open access equilibria. Strong marginal stock effects were...

Bioeconomics to date has focused almost exclusively on lumped parameter models where the resource is described by a single state variable defined as biomass. While such models are convenient mathematically they may be inappropriate in fisheries where recruitment and fecundity are dependent on...

The role of a marine sanctuary, where commercial fishing might be prohibited, is evaluated in two models; one where net biological growth is deterministic, and the other where net biological growth is stochastic. There is diffusion (migration) between the sanctuary and the fishing grounds based...

Ethanol policies have contributed to changes in the levels and the volatilities of revenues and costs facing ethanol firms. The implications of these policies for optimal investment behavior are investigated through an extension of the real options framework that allows for the consideration of...

An optimal control model is constructed where the cutting of old-growth forest generates jobs and adds to the stock of land devoted to "newgrowth," rotational forestry. Welfare is determined by the number of jobs in the forest economy and the stock of old-growth forest, which provides...