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Using Fast and Slow Processes to Manage Resources with Thresholds

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Abstract

Economists have relied on convexity assumptions for a long time but many natural resources that stem from ecosystems have non-convexities in their dynamics. This article illustrates the consequences of relaxing convexity assumptions for management and the role of fast and slow variables. The paper presents a general framework to handle systems with fast and slow variables, and illustrates the method using a model of coral reefs subject to fishing pressure. The insights obtained are used to discuss alternative management strategies.

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Acknowledgments

Thanks to Claire Armstrong, Stephen Carpenter, Miriam Huitric, Karl-Göran␣Mäler, David Starrett, Anastasios Xepapadeas, and to two anonymous referees for their useful comments on the paper. Grants from FORMAS are gratefully acknowledged.

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  1. The Beijer International Institute of Ecological Economics, The Royal Swedish Academy of Sciences, Box 50005, 10405, Stockholm, Sweden

    Anne-Sophie Crépin

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  1. Anne-Sophie Crépin
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Crépin, AS. Using Fast and Slow Processes to Manage Resources with Thresholds. Environ Resource Econ 36, 191–213 (2007). https://doi.org/10.1007/s10640-006-9029-8

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  • DOI: https://doi.org/10.1007/s10640-006-9029-8

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