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Using Fast and Slow Processes to Manage Resources with Thresholds

Anne-Sophie Crépin. 2006 Environmental & Resource Economics 36:191-213 (2006).

Abstract:

Economists have relied on convexity assumptions for a long time but many natural resources that stem from ecosystems have non-convexities in their dynamics. This article illustrates the consequences of relaxing convexity assumptions for management and the role of fast and slow variables. The paper presents a general framework to handle systems with fast and slow variables, and illustrates the method using a model of coral reefs subject to fishing pressure. The insights obtained are used to discuss alternative management strategies.

Keywords: management, multiple steady states, non-convexities, slow and fast variables

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