Natural vs anthropogenic risk reduction Facing invasion risks involving multi-stable outcomes

Finnoff, David; Horan, Richard D.; Shogren, Jason F.; Reeling, Carson; Berry, Kevin

doi:10.1016/j.jebo.2016.05.015

Advanced Search

Select up to three search categories and corresponding keywords using the fields to the right. Refer to the Help section for more detailed instructions.

Search our Collections & Repository

Advanced Search
Custom Query

All these words:

For very narrow results

This exact word or phrase:

When looking for a specific result

Any of these words:

Best used for discovery & interchangable words

None of these words:

Recommended to be used in conjunction with other fields

Language:

Dates

Publication Date Range:

to

Document Data

Title:

Document Type:

Library

Collection:

Series:

People

Author:

Clear All

Query Builder

Query box

Clear All

For additional assistance using the Custom Query please check out our Help Page

The NOAA IR serves as an archival repository of NOAA-published products including scientific findings, journal articles, guidelines, recommendations, or other information authored or co-authored by NOAA or funded partners. As a repository, the NOAA IR retains documents in their original published format to ensure public access to scientific information.

i

Natural vs anthropogenic risk reduction Facing invasion risks involving multi-stable outcomes

2016
By Finnoff, David ; Horan, Richard D. ; Shogren, Jason F. ; ...
Source: Journal of Economic Behavior & Organization, 132(Part B): 113-123

[PDF-964.93 KB]

Details You May Also Like

Details:

Journal Title:

Journal of Economic Behavior & Organization
Personal Author:

Finnoff, David ; Horan, Richard D. ; Shogren, Jason F. ; Reeling, Carson ; Berry, Kevin

Finnoff, David ; Horan, Richard D. ; Shogren, Jason F. ; Reeling, Carson ; Berry, Kevin Less -
NOAA Program & Office:

NOS (National Ocean Service) ; NCCOS (National Centers for Coastal Ocean Science)

NOS (National Ocean Service) ; NCCOS (National Centers for Coastal Ocean Science) Less -
Description:

Natural resources important to economic systems are managed in the presence of event uncertainty, marking the transition from a more desirable ex ante state to a less desirable ex post state. The risks of this transition are endogenous and depend on state of the natural resource system and human behavior. In designing least cost policies of risk reduction, policy makers should consider the optimal mix of natural and human risk reduction. Decisions about the best risk reduction mix matter most for systems vulnerable to ex post multi-stability, in which the natural resource system has the potential to begin in one of multiple, locally optimal basins of attraction. This is because ex ante decisions can affect the initial conditions for the ex post system, thereby determining the ex post basin of attraction and the optimal ex post state. In this paper, we find that an ex ante system that is convex and uniquely stable without risk may become non-convex and multi-stable in the presence of endogenous risks and ex post multi-stability. This result arises because ex post non-convexities, and the uncertainties associated with the invasion and its magnitude, can create ex ante non-convexities that generate multiple optimality candidates.
Source:

Journal of Economic Behavior & Organization, 132(Part B): 113-123
DOI:

https://doi.org/10.1016/j.jebo.2016.05.015
Document Type:

Journal Article
Funding:

Grant no. NA09NOS4780192
Rights Information:

Accepted Manuscript
Compliance:

CHORUS
Main Document Checksum:

[+]

urn:sha256:25403799f95b072f9d3bc557fb8f1a90bb11241e609a802d0046a0938525e235
Download URL:

https://repository.library.noaa.gov/view/noaa/49486/noaa_49486_DS1.pdf
File Type:

No Additional Files

More +

Natural vs anthropogenic risk reduction Facing invasion risks involving multi-stable outcomes

Details:

Supporting Files

You May Also Like