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Endangered Species and Natural Resource Exploitation: Extinction vs. Coexistence

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  • Tsur, Yacov
  • Zemel, Amos
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    Abstract

    The threat on the survival of animal species due to intensive use of natural resources is incorporated within resource management models, paying special attention to uncertainty regarding the conditions that lead to extinction. The manner in which the potential benefits forgone due to the species extinction (denoted extinction penalty) induce 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 considered 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 the immediate extinction risk.

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    File URL: http://purl.umn.edu/7498
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    Bibliographic Info

    Paper provided by University of Minnesota, Economic Development Center in its series Bulletins with number 7498.

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    Date of creation: 1994
    Date of revision:
    Handle: RePEc:ags:umedbu:7498

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    Keywords: Resource /Energy Economics and Policy;

    References

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    1. Stephen Polasky & Andrew Solow & James Broadus, 1993. "Searching for uncertain benefits and the conservation of biological diversity," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 3(2), pages 171-181, April.
    2. J. Hartwick, 1992. "Deforestation and national accounting," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 2(5), pages 513-521, September.
    3. Fisher, Anthony C. & Michael Hanemann, W. & Keeler, Andrew G., 1991. "Integrating Fishery and water resource management: A biological model of a California salmon fishery," Journal of Environmental Economics and Management, Elsevier, vol. 20(3), pages 234-261, May.
    4. Cropper, M. L., 1976. "Regulating activities with catastrophic environmental effects," Journal of Environmental Economics and Management, Elsevier, vol. 3(1), pages 1-15, June.
    5. Tsur, Yacov & Zemel, Amos, 1994. "Uncertainty And Irreversibility In Groundwater Resource Management," Staff Papers 13590, University of Minnesota, Department of Applied Economics.
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    Cited by:
    1. Tsur, Yacov & Zemel, Amos, 2006. "Welfare measurement under threats of environmental catastrophes," Journal of Environmental Economics and Management, Elsevier, vol. 52(1), pages 421-429, July.
    2. Tsur, Yacov & Zemel, Amos, 1996. "Accounting for global warming risks: Resource management under event uncertainty," Journal of Economic Dynamics and Control, Elsevier, vol. 20(6-7), pages 1289-1305.
    3. Thomas Michielsen, 2013. "Environmental Catastrophes under Time-Inconsistent Preferences," Working Papers 2013.55, Fondazione Eni Enrico Mattei.
    4. Leizarowitz, Arie & Tsur, Yacov, 2012. "Renewable resource management with stochastic recharge and environmental threats," Journal of Economic Dynamics and Control, Elsevier, vol. 36(5), pages 736-753.
    5. Michielsen, T.O., 2013. "Environmental Catastrophes Under Time-inconsistent Preferences," Discussion Paper 2013-013, Tilburg University, Center for Economic Research.
    6. Tsur, Yacov & Zemel, Amos, 2002. "Endangered Aquifers: Groundwater Management Under Threats Of Catastrophic Events," Discussion Papers 14993, Hebrew University of Jerusalem, Department of Agricultural Economics and Management.
    7. Tsur, Yacov & Zemel, Amos, 1998. "Pollution control in an uncertain environment," Journal of Economic Dynamics and Control, Elsevier, vol. 22(6), pages 967-975, June.
    8. Tsur, Yacov & Zemel, Amos, 2001. "The infinite horizon dynamic optimization problem revisited: A simple method to determine equilibrium states," European Journal of Operational Research, Elsevier, vol. 131(3), pages 482-490, June.

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