19 Pages Posted: 2 Aug 2001
Our paper analyzes aquatic ecological-economic systems such as the Chesapeake Bay. The stability of such ecological-economic systems is contingent on the successful functioning of a small number of generalist species in a broad range of economic and ecological conditions. We first delineate the persistence of such systems. We then study the intertemporal and the stochastic aspects of the resource allocation problem faced by the manager of an aquatic ecological-economic system. Our manager wishes to allocate her scarce financial resources optimally among economic activities and the maintenance of the generalist species of the aquatic ecological-economic system.
Keywords: Aquatic Ecological-Economic System, Chesapeake Bay, Optimal Management, Stochastic Control
JEL Classification: Q20, D81
Suggested Citation: Suggested Citation
Batabyal, Amitrajeet A. and Beladi, Hamid, On the Optimal Management of a Class of Aquatic Ecological-Economic Systems. Available at SSRN: https://ssrn.com/abstract=278699 or http://dx.doi.org/10.2139/ssrn.278699