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Preserving Biodiversity: Ambiguity and Safety Rules

  • Giannis Vardas

    (Department of Economics, University of Crete)

  • Anastasios Xepapadeas

    ()

    (Department of Economics, University of Crete)

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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File URL: http://economics.soc.uoc.gr/wpa/docs/VaRLSTP.pdf
File Function: First version, 2006
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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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  1. Laurent, Sebastien & Peters, Jean-Philippe, 2002. " G@RCH 2.2: An Ox Package for Estimating and Forecasting Various ARCH Models," Journal of Economic Surveys, Wiley Blackwell, vol. 16(3), pages 447-85, July.
  2. Peter F. Christoffersen & Francis X. Diebold, 1998. "How Relevant is Volatility Forecasting for Financial Risk Management?," NBER Working Papers 6844, National Bureau of Economic Research, Inc.
  3. Adrian R. Pagan & G. William Schwert, 1989. "Alternative Models For Conditional Stock Volatility," NBER Working Papers 2955, National Bureau of Economic Research, Inc.
  4. GIOT, Pierre & LAURENT, Sébastien, 2001. "Value-at-risk for long and short trading positions," CORE Discussion Papers 2001022, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  5. Engle, Robert F. & Manganelli, Simone, 2001. "Value at risk models in finance," Working Paper Series 0075, European Central Bank.
  6. French, Kenneth R. & Schwert, G. William & Stambaugh, Robert F., 1987. "Expected stock returns and volatility," Journal of Financial Economics, Elsevier, vol. 19(1), pages 3-29, September.
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