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Irreversible Investment in Wetlands Preservation: Optimal Ecosystem Restoration Under Uncertainty

Author

Listed:
  • Jeffrey A. Bloczynski

    (PHB Hagler Bailly, Inc., 1776 Eye Street, NW, Washington, DC 20006-3700, USA)

  • William T. Bogart

    (Department of Economics, Case Western Reserve University, 10900 Euclid Avenue, Cleveland, Ohio 44106-7206, USA)

  • Benjamin F. Hobbs

    (Department of Geography and Environmental Engineering, Johns Hopkins University, 3400 N. Charles Street, Baltimore, Maryland 21218-2686, USA)

  • Joseph F. Koonce

    (Department of Biology, Case Western Reserve University, 10900 Euclid Avenue, Cleveland, Ohio 44106-7080, USA)

Abstract

The model, a stochastic dynamic program, is used to optimize the timing and type of protective structure under a range of management goals. A wetland can either be optimal for fish or optimal for mammals and waterfowl, but not both. Because credible estimates of the economic values of wetland services do not exist, we treat those values as parameters in a multiobjective analysis and show the decisions implied by alternative valuations. The model is applied to the case of Metzger Marsh, a Lake Erie coastal wetland near Toledo, Ohio, where the decision was made in 1993 to construct an open dike. We find that the optimal decision is robust with respect to varying assumptions about the formation of barrier beaches and the probability of climate change, but that the decision is not robust to assumptions concerning the health of an unprotected Metzger Marsh. The most important source of uncertainty is the biological health of an unprotected wetland.

Suggested Citation

  • Jeffrey A. Bloczynski & William T. Bogart & Benjamin F. Hobbs & Joseph F. Koonce, 2000. "Irreversible Investment in Wetlands Preservation: Optimal Ecosystem Restoration Under Uncertainty," Environmental Management, Springer, vol. 26(2), pages 175-193, August.
    • Handle: RePEc:spr:envman:v:26:y:2000:i:2:d:10.1007_s002670010080
    DOI: 10.1007/s002670010080
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