Renewable resources in a long-term perspective: The corn-tuna model

Abstract

The corn-tuna model introduced in this paper is a simple model for the study of renewable resources in a long-term framework. It is inspired by the cornguano model, which has been conceived for the study of exhaustible resources. The renewable resource tuna can be produced by three systems of production: wild tuna, farmed tuna, and mixed tuna systems. The paper explores under which conditions each of these systems will be adopted. It focuses on the risks of overexploitation of wild tuna, and examines two policy options to reduce these risks.