Today, I’ll present at the [Norwegian] National Research School in Business Economics and Administration (in the Management Science and Economics session). The abstract:
The impact on the value of a ﬁshery from exogenous shocks is investigated. A part
of the habitat is protected by a marine reserve, and the remaining ﬁshery is managed
by optimal, total allowable catch quotas. Shocks of diﬀerent, spatial nature is inves-
tigated. The results suggest that reserves are of minor interest as a management tool
when shocks aﬀect the stock uniformly. Reserves may substantially enhance the value
of the ﬁshery when shocks are spatially non-uniformly distributed.