Optimal Management of Multiple Renewable Resource Stocks: An Application to Minke Whales

Most bioeconomic models of efficient renewable resource management are constructed for a single harvesting ground. A bioeconomic model is developed in this paper to study the optimal management of renewable resources that are found in spatially distinct harvesting grounds. The model is applied to Minke whale management. Important inter-regional substitution effects are shown to exist. In addition, comparison with previous studies shows that multiple stock management is necessary for efficient management. Finally, the current Minke whale moratorium is shown to be inefficient unless significant nonmarket values exist.