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This paper analyses a situation where the survival of an endangered species depends on certain types of conservation measures being carried out regularly, yet there is financial uncertainty in the future periodical availability of a budget to finance the conservation measures. One option to insure against future budget uncertainty is to save money. To maximise the long-term survival of the endangered...
Biodiversity outcomes arising from conservation programs depend on the future state of nature, yet standard economic models of biodiversity conservation are not state contingent. We develop a state-contingent approach to the Noah's Ark problem – the problem of efficiently allocating limited funds to conserve biodiversity – and model conservation actions under uncertainty. Under the state-contingent...
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