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| Title: | Endangered Species and Natural Resource Exploitation: Extinction vs. Coexistence |
| Authors: | Tsur, Yacov
Zemel, Amos |
| Issue Date: | 1994 |
| Series/Report no.: | Bulletin 94-1 |
| Abstract: | 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. |
| URI: | http://purl.umn.edu/7498 |
| Institution/Association: | University of Minnesota>Economic Development Center>Bulletins |
| Total Pages: | 27 |
| Language: | English |
| Collections: | Bulletins
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