C-FOAM Seminar Series on Best Practices and the OMRN Dialogues on Ocean Policy, Fisheries

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C-FOAM Seminar Series on Best Practices and the
OMRN Dialogues on Ocean Policy, Fisheries
Aquaculture Working Group present
Cod Today and None Tomorrow The Economic Value
of a Marine Reserve
Dr. Quentin Grafton, Asia Pacific School of
Economics and Government (APSEG), The Australian
National University
Time 230p.m. Thursday, July 12,
2007 Place Vanier Hall, Room VNR384
Abstract. Using data from what was once one of
the worlds largest capture fisheries the
economic value of a marine reserve is calculated
using a stochastic optimal control model with a
jump-diffusion process. The results show that
with a stochastic environment an optimal-sized
marine reserve can generate a triple payoff that
(a), raises the resource rent even when
harvesting is optimal, (b) decreases the
recovery time for the biomass to return to its
former state and smooths fishers harvests and
resource rents, and (c), lowers the chance of a
catastrophic collapse following a negative shock.
La seminaire sera presenté en anglais./The
presentation will be given in English.
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