Preserving Biodiversity: Ambiguity and Safety Rules

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Preserving Biodiversity: Ambiguity and Safety Rules

Author Info

Giannis Vardas (Department of Economics, University of Crete)
Anastasios Xepapadeas () (Department of Economics, University of Crete)

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Abstract

Safety 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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Paper provided by University of Crete, Department of Economics in its series Working Papers with number 0607.

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Length: 17 pages
Date of creation: 11 Mar 2006
Date of revision:
Handle: RePEc:crt:wpaper:0607

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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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