Exogeneous Shocks and Marine Reserves

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.

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