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Endangered Species and Natural Resource Exploitation: Extinction vs. Coexistence

  • Tsur, Yacov
  • Zemel, Amos
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    The threat on the survival of animal species due to intensive use of natural resources is incorporated within resource management models, paying special attention to uncertainty regarding the conditions that lead to extinction. The manner in which the potential benefits forgone due to the species extinction (denoted extinction penalty) induce more conservative exploitation policies is studied in detail. When the extinction penalty is ignored, the optimal policy is to drive the resource stock to a particular equilibrium level from any initial state. When the extinction penalty is considered and the conditions that lead to extinction are not fully understood (i.e., involve uncertainty), an interval of equilibrium states is identified, which depends on the penalty and the immediate extinction risk.

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    Paper provided by University of Minnesota, Economic Development Center in its series Bulletins with number 7498.

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    Date of creation: 1994
    Date of revision:
    Handle: RePEc:ags:umedbu:7498
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    1. Tsur, Yacov & Zemel, Amos, 1994. "Uncertainty And Irreversibility In Groundwater Resource Management," Staff Papers 13590, University of Minnesota, Department of Applied Economics.
    2. Stephen Polasky & Andrew Solow & James Broadus, 1993. "Searching for uncertain benefits and the conservation of biological diversity," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 3(2), pages 171-181, April.
    3. Fisher, Anthony C. & Michael Hanemann, W. & Keeler, Andrew G., 1991. "Integrating Fishery and water resource management: A biological model of a California salmon fishery," Journal of Environmental Economics and Management, Elsevier, vol. 20(3), pages 234-261, May.
    4. Cropper, M. L., 1976. "Regulating activities with catastrophic environmental effects," Journal of Environmental Economics and Management, Elsevier, vol. 3(1), pages 1-15, June.
    5. J. Hartwick, 1992. "Deforestation and national accounting," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 2(5), pages 513-521, September.
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