Sammanfattning

Most renewable biotic resources are subject to random variability in natural growth. We investigate the implications of such variability for long-term management by a risk averse social planner, who maximizes expected long-run utility. In the canonical model of a stochastic fishery, we show that the optimal level of harvesting effort need not necessarily be reduced by variability in stock growth. However, optimal effort is reduced if variability of growth increases for smaller base populations, as suggested in the ecology literature. ? 2021 Elsevier B.V. All rights reserved.

Nyckelord

Stochastic growth; Natural resource; Golden rule; Q20; Q22

Publicerad i

Resource and Energy Economics
2021, Volym: 64, artikelnummer: 101219
Utgivare: ELSEVIER

SLU författare

• Krishnamurthy, Chandra

  • Institutionen för skogsekonomi, Sveriges lantbruksuniversitet
    
  • Kungliga Vetenskapsakademien

UKÄ forskningsämne

Nationalekonomi
Ekologi


Publikationens identifierare

DOI: https://doi.org/10.1016/j.reseneeco.2021.101219

Permanent länk till denna sida (URI)

https://res.slu.se/id/publ/111457