OPTIMAL DYNAMIC HARVEST OF A MOBILE RENEWABLE RESOURCE

Authors: JOSHI, HEM RAJ¹; HERRERA, GUILLERMO E.²; LENHART, SUZANNE³; NEUBERT, MICHAEL G.⁴

Source: Natural Resource Modelling, Volume 22, Number 2, May 2009 , pp. 322-343(22)

Buy & download fulltext article:

Price: $48.00 plus tax (Refund Policy)

Abstract:

We present a mathematical model for the growth, movement, and harvesting of a renewable resource, and characterize the spatiotemporal distribution of harvest effort which maximizes the present value of harvest (yield) over a finite time horizon. We derive the optimality system for this model and show that the yield-maximizing solution often includes one or more no-take reserves that change in size over time. We explore how the results change with varying parameter values. The results inform ongoing debate about the use of reserves, and are increasingly relevant as technology enables enforcement of spatially structured harvest constraints.

Keywords: Bioeconomics; diffusion; fisheries management; marine protected areas; marine reserves; maximum yield; spatial models

Document Type: Research article

DOI: http://dx.doi.org/10.1111/j.1939-7445.2008.00038.x

Affiliations: 1: Department of Mathematics and Computer Science, Xavier University, Cincinnati, OH 45207-4441, Email: joshi@xavier.edu 2: Department of Economics, Bowdoin College, 9700 College Station, Brunswick, ME 04011-8497, Email: gherrera@bowdoin.edu 3: Department of Mathematics, University of Tennessee, Knoxville, TN 37996-1300, Email: lenhart@math.utk.edu 4: Biology Department, MS 34, Woods Hole Oceanographic Institution, Woods Hole, MA 02543-1049, Email: mneubert@whoi.edu

Publication date: 2009-05-01