An Ecological Golden Rule

Most renewable biotic resources are subject to random variability in natural growth. We investigate the implications of such variability for long-term management by a risk averse social planner who maximizes expected long-run utility. In a simple model of a stochastic fishery, we show that the optimal level of harvesting effort need not necessarily be reduced by the introduction of variability in stock growth. However, optimal…

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  1. include()
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  2. require_once()
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  3. require()
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