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Stochastic Dominance, Entropy and Biodiversity Management

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Author Info
Catherine M. Chambers () (University of Central Missouri)
Paul E. Chambers () (University of Central Missouri)
John R. Crooker () (University of Central Missouri)
John C. Whitehead () (Appalachian State University)

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Abstract

In this paper we develop a model of population dynamics using the Shannon entropy index, a measure of diversity that allows for global and specific population shocks. We model the effects of increasing the number of parcels on biodiversity, varying the number of spatially diverse parcels to capture risk diversification. We discuss the concepts of stochastic dominance as a means of project selection, in order to model biodiversity returns and risks. Using a Monte Carlo simulation we find that stochastic dominance may be a useful theoretical construct for project selections but it is unable to rank every case.

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Publisher Info
Paper provided by University of Central Missouri, Department of Economics & Finance in its series Working Papers with number 0807.

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Length: 31 pages
Date of creation: May 2008
Date of revision: May 2008
Handle: RePEc:umn:wpaper:0807

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  1. Solow Andrew & Polasky Stephen & Broadus James, 1993. "On the Measurement of Biological Diversity," Journal of Environmental Economics and Management, Elsevier, vol. 24(1), pages 60-68, January. [Downloadable!] (restricted)
  2. Innes, Robert & Polasky, Stephen & Tschirhart, John, 1998. "Takings, Compensation and Endangered Species Protection on Private Lands," Journal of Economic Perspectives, American Economic Association, vol. 12(3), pages 35-52, Summer. [Downloadable!] (restricted)
  3. Simpson, R. David, 2002. "Definitions of Biodiversity and Measures of Its Value," Discussion Papers dp-02-62, Resources For the Future. [Downloadable!]
  4. Weitzman, Martin L, 1992. "On Diversity," The Quarterly Journal of Economics, MIT Press, vol. 107(2), pages 363-405, May. [Downloadable!] (restricted)
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  5. Hans-Peter Weikard, 2002. "Diversity Functions and the Value of Biodiversity," Land Economics, University of Wisconsin Press, vol. 78(1), pages 20-27. [Downloadable!] (restricted)
  6. Lueck, Dean & Michael, Jeffrey A, 2003. "Preemptive Habitat Destruction under the Endangered Species Act," Journal of Law & Economics, University of Chicago Press, vol. 46(1), pages 27-60, April.
  7. Brown, Gardner M, Jr & Shogren, Jason F, 1998. "Economics of the Endangered Species Act," Journal of Economic Perspectives, American Economic Association, vol. 12(3), pages 3-20, Summer. [Downloadable!] (restricted)
  8. Weitzman, Martin L, 1993. "What to Preserve? An Application of Diversity Theory to Crane Conservation?," The Quarterly Journal of Economics, MIT Press, vol. 108(1), pages 157-83, February. [Downloadable!] (restricted)
  9. Pablo C. Benítez & Timo Kuosmanen & Roland Olschewski & G. Cornelis van Kooten, 2006. "Conservation Payments under Risk: A Stochastic Dominance Approach," American Journal of Agricultural Economics, American Agricultural Economics Association, vol. 88(1), pages 1-15, 02. [Downloadable!] (restricted)
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  10. Loomis, John B. & White, Douglas S., 1996. "Economic benefits of rare and endangered species: summary and meta-analysis," Ecological Economics, Elsevier, vol. 18(3), pages 197-206, September. [Downloadable!] (restricted)
  11. Montgomery Claire A. & Brown Jr. , Gardner M. & Adams Darius M., 1994. "The Marginal Cost of Species Preservation: The Northern Spotted Owl," Journal of Environmental Economics and Management, Elsevier, vol. 26(2), pages 111-128, March. [Downloadable!] (restricted)
  12. Alavalapati, Janaki R. R. & Stainback, George A. & Carter, Douglas R., 2002. "Restoration of the longleaf pine ecosystem on private lands in the US South: an ecological economic analysis," Ecological Economics, Elsevier, vol. 40(3), pages 411-419, March. [Downloadable!] (restricted)
  13. Martin L. Weitzman, 1998. "The Noah's Ark Problem," Econometrica, Econometric Society, vol. 66(6), pages 1279-1298, November.
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