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

Published online by Cambridge University Press:  15 September 2016

Alexander J. Macpherson ,
Rebecca Moore  and
Bill Provencher
Alexander J. Macpherson
Affiliation:
School of Forest Resources and Conservation at the University of Florida in Gainesville, Florida
Rebecca Moore
Affiliation:
Department of Agricultural and Applied Economics at the University of Wisconsin in Madison, Wisconsin
Bill Provencher
Affiliation:
Department of Agricultural and Applied Economics at the University of Wisconsin in Madison, Wisconsin
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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.

Keywords

invasive speciesrandom utility modelEurasion watermilfoildynamic optimizationprincipal-agent
Type
Contributed Papers
Information
Agricultural and Resource Economics Review , Volume 35 , Issue 1 , April 2006 , pp. 144 - 154
Copyright
Copyright © 2006 Northeastern Agricultural and Resource Economics Association 

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