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Invasions of ecosystems by exotic species have been the focus of a growing body of research in applied biology and ecology, but relatively little attention has been paid to their economic consequences. Even where economic estimates have been made these often make ad hoc assumptions about the biological relationships of interest and lack grounding in economic theory. This paper develops an integrated...
Using a real options framework in continuous time, we examine two problems associated with the management of exotic pests under uncertainty. First, we analyze the optimal timing of investing in a control action. Given fixed control costs, we obtain a closed-form solution for when to control an exotic pest whose density varies randomly. Second, we define an analytical framework for finding the optimal...
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