The Economics of Marine Resources and Conservation Policy

The Economics of Marine Resources and Conservation Policy

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How can we manage a so-called qrenewableq natural resource such as a fishery when we don't know how renewable it really is? James A. Crutchfield and Arnold Zellner developed a dynamic and highly successful economic approach to this problem, drawing on extensive data from the Pacific halibut industry. Although the U.S. Department of the Interior published a report about their findings in 1962, it had very limited distribution and is now long out of print. This book presents a complete reprint of Crutchfield and Zellner's pioneering study, together with a new introduction by the authors and four new papers by other scholars. These new studies cover the history of the Pacific halibut industry as well as the general and specific contributions of the original worka€”such as price-oriented conservation policya€”to the fields of resource economics and management. The resulting volume integrates theory and practice in a clear, well-contextualized case study that will be important not just for environmental and resource economists, but also for leaders of industries dependent on any natural resource.The Pacific Halibut Case Study with Commentary James A. Crutchfield, Arnold Zellner ... exploitable biomass that produced the desired catch limits was initially 35 percent but has been adjusted, with more research, and is now 20 percent. ... Canadian and U.S. halibut fishermen were restricted to waters off their own coasts.

Title:The Economics of Marine Resources and Conservation Policy
Author:James A. Crutchfield, Arnold Zellner
Publisher:University of Chicago Press - 2010-04-15


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