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Managing Interacting Populations under Time Scale Separation

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  • Giannis Vardas
  • Anastasios Xepapadeas

Abstract

Renewable resource modelling is usually characterized by different time scales where some state variables such as biomass may evolve relatively faster than other state variables such as carrying capacity. Ignoring this time scale separation means that a slowly changing variable is treated as constant over time. Management rules that ignore time scale separation do not account for a time scale externality and this may induce inefficiencies in resource management. In the current work, we study multispecies resource management under time scale separation by adopting the framework of singular perturbation reduction methods. By extending recent work by Vardas and Xepapadeas (2015) to interacting populations, we study regulation with full internalization of the time scale externality. We further study regulation and noncooperative outcomes when the time scale separation is ignored, and identify deviations in harvesting and biomass paths among these cases. Deviations indicate the inefficiencies associated with ignoring time scale separation.

Suggested Citation

  • Giannis Vardas & Anastasios Xepapadeas, 2015. "Managing Interacting Populations under Time Scale Separation," DEOS Working Papers 1510, Athens University of Economics and Business.
    • Handle: RePEc:aue:wpaper:1510
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    File URL: http://wpa.deos.aueb.gr/docs/Managing.Interacting.Populations.under.Time.Scale.Separation.pdf
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    References listed on IDEAS

    as
    1. Levin, Simon & Xepapadeas, Tasos & Crépin, Anne-Sophie & Norberg, Jon & de Zeeuw, Aart & Folke, Carl & Hughes, Terry & Arrow, Kenneth & Barrett, Scott & Daily, Gretchen & Ehrlich, Paul & Kautsky, Nils, 2013. "Social-ecological systems as complex adaptive systems: modeling and policy implications," Environment and Development Economics, Cambridge University Press, vol. 18(2), pages 111-132, April.
    2. William Brock & Anastasios Xepapadeas, 2004. "Ecosystem Management in Models of Antagonistic Species Coevolution," Working Papers 0503, University of Crete, Department of Economics.
    3. José-María Da-Rocha & Linda Nøstbakken & Marcos Pérez, 2014. "Pulse Fishing and Stock Uncertainty," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 59(2), pages 257-274, October.
    4. Giannis Vardas & Anastasios Xepapadeas, 2015. "Time Scale Externalities and the Management of Renewable Resources," Working Papers 2015.27, Fondazione Eni Enrico Mattei.
    5. Crépin, Anne-Sophie & Norberg, Jon & Mäler, Karl-Göran, 2011. "Coupled economic-ecological systems with slow and fast dynamics -- Modelling and analysis method," Ecological Economics, Elsevier, vol. 70(8), pages 1448-1458, June.
    6. Grimsrud, Kristine M. & Huffaker, Ray, 2006. "Solving multidimensional bioeconomic problems with singular-perturbation reduction methods: Application to managing pest resistance to pesticidal crops," Journal of Environmental Economics and Management, Elsevier, vol. 51(3), pages 336-353, May.
    7. Huffaker, Ray & Hotchkiss, Rollin, 2006. "Economic dynamics of reservoir sedimentation management: Optimal control with singularly perturbed equations of motion," Journal of Economic Dynamics and Control, Elsevier, vol. 30(12), pages 2553-2575, December.
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    Cited by:

    1. Petrohilos-Andrianos, Yannis & Xepapadeas, Anastasios, 2017. "Resource harvesting regulation and enforcement: An evolutionary approach," Research in Economics, Elsevier, vol. 71(2), pages 236-253.

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    More about this item

    Keywords

    interacting populations; resource harvesting; fast slow dynamics; singular perturbation; regulation; open loop Nash equilibrium;
    All these keywords.

    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • Q20 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - General

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