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1 December 2009 When is it Optimal to Delay Harvesting? The Role of Ecological Services in the Northern Chesapeake Bay Oyster Fishery
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Abstract

Despite decades of rebuilding efforts, the population of oysters in the Chesapeake Bay has fallen to historically low levels. We develop a novel bioeconomic model which includes the value of ecological services provided by oysters in situ to determine the optimal length of a harvest moratorium and a subsequent harvest rate that will maximize the net present value of the oyster resource. Not surprisingly, steady-state stocks and optimal harvest rates are increasing and decreasing in ecological service values, respectively. The results also suggest that instituting a harvest moratorium and limiting harvest effort in the fishery can increase the net present value of the resource more than effort limitation alone.

JEL Classification Codes: Q22, Q57, H41

STEPHEN KASPERSKI "When is it Optimal to Delay Harvesting? The Role of Ecological Services in the Northern Chesapeake Bay Oyster Fishery," Marine Resource Economics 24(4), 361-385, (1 December 2009). https://doi.org/10.5950/0738-1360-24.4.361
Published: 1 December 2009
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25 PAGES

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