<?xml version='1.0' encoding='UTF-8'?><xml><records><record><source-app name="HighWire" version="7.x">Drupal-HighWire</source-app><ref-type name="Journal Article">17</ref-type><contributors><authors><author><style face="normal" font="default" size="100%">Grafton, R. Quentin</style></author><author><style face="normal" font="default" size="100%">Kompas, Tom</style></author><author><style face="normal" font="default" size="100%">Van Ha, Pham</style></author></authors><secondary-authors></secondary-authors></contributors><titles><title><style face="normal" font="default" size="100%">Cod Today and None Tomorrow: The Economic Value of a Marine Reserve</style></title><secondary-title><style face="normal" font="default" size="100%">Land Economics</style></secondary-title></titles><dates><year><style  face="normal" font="default" size="100%">2009</style></year><pub-dates><date><style  face="normal" font="default" size="100%">2009-08-01 00:00:00</style></date></pub-dates></dates><pages><style  face="normal" font="default" size="100%">454-469</style></pages><doi><style  face="normal" font="default" size="100%">10.3368/le.85.3.454</style></doi><volume><style face="normal" font="default" size="100%">85</style></volume><issue><style face="normal" font="default" size="100%">3</style></issue><abstract><style  face="normal" font="default" size="100%">Using data from what was once one of the world’s largest capture fisheries, the northern cod fishery, the economic value of a marine reserve is calculated using a stochastic optimal control model with a jump-diffusion process. Counterfactual analysis shows that with a stochastic environment an optimal-sized marine reserve in this fishery would have prevented the fishery’s collapse and generated a triple payoff: raising resource rents even if harvesting was “optimal”; decreasing recovery time for the biomass to return to its former state, smoothing fishers’ harvests and resource rents; and lowering the chance of a catastrophic collapse following a negative shock. (JEL Q22, Q57)</style></abstract></record></records></xml>