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Does Integrating Economic and Biological Systems Matter for Public Policy? The Case of Yellowstone Lake

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  • Settle Chad

    () (University of Tulsa)

  • Shogren Jason F

    () (University of Wyoming)

Abstract

Integrated economic and ecologic modeling systems can yield more precise predictions about the underlying physical system and the risks imposed to humans and the environment. But do more accurate risk assessments matter for environmental policy that is in part influenced by the consumers of this physical system? Herein we discuss a situation within the crown jewel of the US national park system in which the answer is no. For endangered cutthroat trout populations threatened by the invasion of exotic lake trout in Yellowstone Lake, if one accounts for the preferences of the average visitor, the optimal policy can be bluntly summarized as "fix the roads, forget the fish." To reverse this outcome, the typical visitor to the Park would have to be more forward-thinking and more generous toward a species that she would never see.

Suggested Citation

  • Settle Chad & Shogren Jason F, 2006. "Does Integrating Economic and Biological Systems Matter for Public Policy? The Case of Yellowstone Lake," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 6(1), pages 1-48, July.
    • Handle: RePEc:bpj:bejeap:v:topics.6:y:2006:i:1:n:9
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    References listed on IDEAS

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    1. Giancarlo Moschini & Daniele Moro & Richard D. Green, 1994. "Maintaining and Testing Separability in Demand Systems," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 76(1), pages 61-73.
    2. Cherry, Todd L. & Crocker, Thomas D. & Shogren, Jason F., 2003. "Rationality spillovers," Journal of Environmental Economics and Management, Elsevier, vol. 45(1), pages 63-84, January.
    3. Sohngen, Brent & Mendelsohn, Robert, 1998. "Valuing the Impact of Large-Scale Ecological Change in a Market: The Effect of Climate Change on U.S. Timber," American Economic Review, American Economic Association, vol. 88(4), pages 686-710, September.
    4. Gunnarsson, Sara & Shogren, Jason F. & Cherry, Todd L., 2003. "Are preferences for skewness fixed or fungible?," Economics Letters, Elsevier, vol. 80(1), pages 113-121, July.
    5. David Finnoff & John Tschirhart, 2003. "Protecting an Endangered Species While Harvesting Its Prey in a General Equilibrium Ecosystem Model," Land Economics, University of Wisconsin Press, vol. 79(2), pages 160-180.
    6. Settle, Chad & Crocker, Thomas D. & Shogren, Jason F., 2002. "On the joint determination of biological and economic systems," Ecological Economics, Elsevier, vol. 42(1-2), pages 301-311, August.
    7. Herman E. Daly, 1968. "On Economics as a Life Science," Journal of Political Economy, University of Chicago Press, vol. 76, pages 392-392.
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    Citations

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    Cited by:

    1. McIntosh, Christopher R. & Shogren, Jason F. & Finnoff, David C., 2010. "Invasive species and delaying the inevitable: Valuation evidence from a national survey," Ecological Economics, Elsevier, vol. 69(3), pages 632-640, January.
    2. Settle, Chad & Shogren, Jason F., 2004. "Hyperbolic discounting and time inconsistency in a native-exotic species conflict," Resource and Energy Economics, Elsevier, vol. 26(2), pages 255-274, June.
    3. Kivi, Paul A. & Shogren, Jason F., 2011. "Low-probability rational spillovers," Economics Letters, Elsevier, vol. 110(1), pages 25-27, January.
    4. Finnoff, David & Shogren, Jason F. & Leung, Brian & Lodge, David, 2005. "The importance of bioeconomic feedback in invasive species management," Ecological Economics, Elsevier, vol. 52(3), pages 367-381, February.
    5. Ipate Iudith, 2015. "Approaches to Bioeconomic Modelling in correlation with Consumer Model and Biodiversity Indicators," Acta Universitatis Danubius. OEconomica, Danubius University of Galati, issue 11(2), pages 61-71, April.

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