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A Dynamic Principal-Agent Model of Human-Mediated Aquatic Species Invasions

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  • MacPherson, Alexander J.
  • Moore, Rebecca
  • Provencher, Bill

Abstract

This paper presents a dynamic principal-agent model of aquatic species invasions in which a manager, concerned about the spread of invasive species across lakes by boaters, sets interseasonal management controls on a lake-by-lake basis, and boaters make a series of intraseasonal trip decisions to maximize random utility during the course of the season, conditional on the controls imposed by the manager. The results of a simulated invasion of Eurasian watermilfoil (Myriophyllum spicatum) highlight interesting aspects of the optimal management policies under two different management objectives: maximizing boater welfare and minimizing milfoil spread.

Suggested Citation

  • MacPherson, Alexander J. & Moore, Rebecca & Provencher, Bill, 2006. "A Dynamic Principal-Agent Model of Human-Mediated Aquatic Species Invasions," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 35(1), pages 1-11, April.
    • Handle: RePEc:ags:arerjl:10189
    DOI: 10.22004/ag.econ.10189
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    References listed on IDEAS

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    1. Haab, Timothy C. & Hicks, Robert L., 1997. "Accounting for Choice Set Endogeneity in Random Utility Models of Recreation Demand," Journal of Environmental Economics and Management, Elsevier, vol. 34(2), pages 127-147, October.
    2. Robert L. Hicks & Ivar E. Strand, 2000. "The Extent of Information: Its Relevance for Random Utility Models," Land Economics, University of Wisconsin Press, vol. 76(3), pages 374-385.
    3. Finnoff, David & Shogren, Jason F. & Leung, Brian & Lodge, David, 2005. "The importance of bioeconomic feedback in invasive species management," Ecological Economics, Elsevier, vol. 52(3), pages 367-381, February.
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    5. Chad Settle & Jason E Shogren, 2002. "Modeling Native-Exotic Species within Yellowstone Lake," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 84(5), pages 1323-1328.
    6. Peter M. Feather, 1994. "Sampling and Aggregation Issues in Random Utility Model Estimation," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 76(4), pages 772-780.
    7. George R. Parsons & Mary Jo Kealy, 1992. "Randomly Drawn Opportunity Sets in a Random Utility Model of Lake Recreation," Land Economics, University of Wisconsin Press, vol. 68(1), pages 93-106.
    8. Settle, Chad & Crocker, Thomas D. & Shogren, Jason F., 2002. "On the joint determination of biological and economic systems," Ecological Economics, Elsevier, vol. 42(1-2), pages 301-311, August.
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    Cited by:

    1. Goodenberger, James & Klaiber, H. Allen, 2013. "Evading Invasives: How Eurasian Water-Milfoil Effects the Development of Lakefront Properties," 2013 Annual Meeting, August 4-6, 2013, Washington, D.C. 150309, Agricultural and Applied Economics Association.
    2. Goodenberger, James S. & Klaiber, H. Allen, 2016. "Evading invasives: How Eurasian watermilfoil affects the development of lake properties," Ecological Economics, Elsevier, vol. 127(C), pages 173-184.
    3. Frésard, Marjolaine & Ropars-Collet, Carole, 2014. "Sustainable harvest of a native species and control of an invasive species: A bioeconomic model of a commercial fishery invaded by a space competitor," Ecological Economics, Elsevier, vol. 106(C), pages 1-11.
    4. Timar, Levente & Phaneuf, Daniel J., 2009. "Modeling the human-induced spread of an aquatic invasive: The case of the zebra mussel," Ecological Economics, Elsevier, vol. 68(12), pages 3060-3071, October.

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