| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25140 |
| 来源ID | Working Paper 25140 |
| The Valuation of Fisheries Rights: A Real Options Approach | |
| Jose Pizarro; Eduardo S. Schwartz | |
| 发表日期 | 2018-10-08 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | This article develops and implements a Real Option approach to value renewable natural resources in the case of Marine Fisheries. The model includes two sources of uncertainty: the resource biomass and the price of fish, and it can be used by fisheries to optimally adapt their harvesting strategy to changing conditions in these stochastic variables. The model also features realistic operational cash flows and fisheries can shutdown and reopen operations. Using publicly available data on the British Columbia halibut fishery, the required parameters are estimated and the model solved. The results indicate that the conservation of the biomass is both optimal from a financial and a social perspective. The approach could be extended to other fish species and natural resources if the appropriate data were available. |
| 主题 | Financial Economics ; Financial Markets ; Corporate Finance ; Environmental and Resource Economics ; Renewable Resources |
| URL | https://www.nber.org/papers/w25140 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/582814 |
| 推荐引用方式 GB/T 7714 | Jose Pizarro,Eduardo S. Schwartz. The Valuation of Fisheries Rights: A Real Options Approach. 2018. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w25140.pdf（699KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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