ENDANGERED SPECIES AND NATURAL RESOURCE EXPLOITATION: EXTINCTION VS. COEXISTENCE
Tóm tắt
A model of renewable resource exploitation under event uncertainty is formulated. The model is applied to analyze the situation in which excessive water diversion for human needs can lead to the extinction of an animal population. Special attention is given to uncertainty regarding the conditions that lead to extinction. The manner in which the potential benefit foregone due to the species' extinction (the “extinction penalty”) induces more conservative exploitation policies is studied in detail. When the extinction penalty is ignored, the optimal policy is to drive the resource stock to a particular equilibrium level from any initial state. When the extinction penalty is accounted for and the conditions that lead to extinction are not fully understood (i.e., involve uncertainty), an interval of equilibrium states is identified, which depends on the penalty and on the immediate extinction risk.
Từ khóa
Tài liệu tham khảo
Apostol S., 1993, State of the world
Arrow K.J., 1970, Public investment, the rate of return and optimal fiscal policy
Bird C., 1991, Medicines from the forest, New Scientist, 17, 34
Fisher A.C., 1990, Integrating fishery and water resources management: A biological model of California salmon fishery
Heal G.M., 1984, Interaction between economy and climate: A framework for policy design under uncertainty, Micro‐Economics, 3, 151
Kamien M.I., 1981, Dynamic optimization: the calculus of variations and optimal control in economics and management
Littell R., 1992, Endangered and other protected species: Federal law and regulation
Tsur Y., 1994, Accounting for global warming risks: Resource management under environmental uncertainty
Y.TsurandA.Zemel[1995] Uncertainty and irreversibility in groundwater resource management J. Environ. Econ. Manage.29 to appear.
United States General Accounting Office, 1992, Endangered species act: Types and number of implementing actions