Preserving Biodiversity: Ambiguity and Safety Rules
AbstractSafety rules are developed, for biodiversity preservation. These rules are designed to take into account the impact of uncertainty and worst case scenarios, which when combined with unregulated ecosystem management decisions, might produce extinction of species. The safety rules take the form of fixed land allocation and fixed harvesting rules under uncertainty. We explore how model uncertainty affects these safety rules relative to the classic risk aversion case and how a measure of precaution against worst case scenarios can be formulated.
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Bibliographic InfoPaper provided by University of Crete, Department of Economics in its series Working Papers with number 0607.
Length: 17 pages
Date of creation: 11 Mar 2006
Date of revision:
Biodiversity Preservation; Model Uncertainty; Safety Rules;
Find related papers by JEL classification:
- Q57 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Ecological Economics
This paper has been announced in the following NEP Reports:
- NEP-AGR-2006-10-07 (Agricultural Economics)
- NEP-ALL-2006-10-07 (All new papers)
- NEP-ENV-2006-10-07 (Environmental Economics)
- NEP-UPT-2006-10-07 (Utility Models & Prospect Theory)
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