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On the Optimal Management of a Class of Aquatic Ecological-Economic Systems

19 Pages Posted: 2 Aug 2001  

Amitrajeet A. Batabyal

Rochester Institute of Technology (RIT) - Department of Economics

Hamid Beladi

University of Texas at San Antonio - College of Business - Department of Economics

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Abstract

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

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

Amitrajeet A. Batabyal (Contact Author)

Rochester Institute of Technology (RIT) - Department of Economics ( email )

92 Lomb Memorial Drive
Rochester, NY 14623-5604
United States
585-475-2805 (Phone)
585-475-5777 (Fax)

HOME PAGE: http://people.rit.edu/aabgsh

Hamid Beladi

University of Texas at San Antonio - College of Business - Department of Economics ( email )

One UTSA Circle
P.O. Box 5636
San Antonio, TX 78249
United States
210-458-7038 (Phone)
210-458-7040 (Fax)

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