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Invasive Species and Endogenous Risk

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Author Info

  • David Finnoff
  • Chris McIntosh
  • Jason F. Shogren
  • Charles Sims
  • Travis Warziniack

    ()
    (Department of Economics and Finance, University of Wyoming, Laramie, Wyoming 82071
    Department of Economics, Labovitz School of Business and Economics, University of Minnesota, Duluth, Minnesota 55812
    Department of Applied Economics, Utah State University, Logan, Utah 84322
    Alfred-Weber Institute, University of Heidelberg, D-69115 Heidelberg, Germany)

Abstract

Invasive species policy is an economic issue. People affect the spread of invasive species, and these invaders affect people. This review discusses bioeconomic modeling using endogenous risk theory to capture the idea of jointly determined ecological and economic systems. This perspective adds precision to risk assessment and cost-benefit estimation. Bioeconomic modeling can help increase the chance of developing policies that promote better invasive species protection at lower cost. Several key points emerge. Differentiating between import- and export-related externalities determines the ability of agents to manage risk. A manager has four general economic strategies to mitigate invasive species risk and associated damages: prevention, eradication, control, and adaptation. When flexibility and timing play a critical role, a real options framework becomes the more appropriate analytical framework relative to traditional cost-benefit analysis. For many invasive species, valuation exercises will involve eliciting preferences to delay in the inevitable invasion and spread.

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File URL: http://www.annualreviews.org/doi/abs/10.1146/annurev.resource.050708.144212
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Bibliographic Info

Article provided by Annual Reviews in its journal Annual Review of Resource Economics.

Volume (Year): 2 (2010)
Issue (Month): 1 (October)
Pages: 77-100

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Handle: RePEc:anr:reseco:v:2:y:2010:p:77-100

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Related research

Keywords: prevention; bioeconomics; trade; real options; valuation;

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Cited by:
  1. Warziniack, Travis W. & Finnoff, David & Shogren, Jason F., 2013. "Public economics of hitchhiking species and tourism-based risk to ecosystem services," Resource and Energy Economics, Elsevier, vol. 35(3), pages 277-294.
  2. Hyytiäinen, Kari & Lehtiniemi, Maiju & Niemi, Jarkko K. & Tikka, Kimmo, 2013. "An optimization framework for addressing aquatic invasive species," Ecological Economics, Elsevier, vol. 91(C), pages 69-79.

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