ECON 548 Spring 2011 Lecture14

ECON 548 Spring 2011 Lecture14 - ECON/ENVR 548 Spring 2011...

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ECON/ENVR548 Spring 2011 Lecture 14 Jason H Murray
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Announcements Midterm 2 will be Wednesday, April 6 th Homework 2 and 3 will be extra credit . Projects start on the 11 th Schedule posted on blackboard, tradable rights
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Renewable Resources Growth can be exogenous Fish (Wild-caught) Trees (Old Growth) Wild Game (deer, kangaroos, etc) For others we can influence growth Agriculture Silviculture (tree-farming) Aqua/Mariculture (fish farming)
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Our focus: Exogenous Growth i.e. growth is a constraint Many issues: Common Property Uncertainty Ecological Complexity Gordon-Schaeffer Model Developed for fisheries but applicable to forestry and wild game. Gordon ’54 and Schaeffer ’57 Logistic Growth, Single Species
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Some new Definitions Stock: The mass or number of reproducing population. Yield: Harvest, Catch, flow of biomass to humans Sustainable Yield: Growth = Harvest Stock unchanged Open-Access: an unmanaged resource – anyone can harvest – no ownership or property rights Common Property: owned by a community
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Fish Stock through time:
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Suppose we arrive on an island with a single fish population. We observe the
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ECON 548 Spring 2011 Lecture14 - ECON/ENVR 548 Spring 2011...

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