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Does Integrating Economic and Biological Systems Matter for Public Policy? The Case of Yellowstone Lake

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  • Settle Chad

    (University of Tulsa)

  • Shogren Jason F

    (University of Wyoming)

Abstract

Integrated economic and ecologic modeling systems can yield more precise predictions about the underlying physical system and the risks imposed to humans and the environment. But do more accurate risk assessments matter for environmental policy that is in part influenced by the consumers of this physical system? Herein we discuss a situation within the crown jewel of the US national park system in which the answer is no. For endangered cutthroat trout populations threatened by the invasion of exotic lake trout in Yellowstone Lake, if one accounts for the preferences of the average visitor, the optimal policy can be bluntly summarized as "fix the roads, forget the fish." To reverse this outcome, the typical visitor to the Park would have to be more forward-thinking and more generous toward a species that she would never see.

Suggested Citation

  • Settle Chad & Shogren Jason F, 2006. "Does Integrating Economic and Biological Systems Matter for Public Policy? The Case of Yellowstone Lake," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 6(1), pages 1-48, July.
    • Handle: RePEc:bpj:bejeap:v:topics.6:y:2006:i:1:n:9
    DOI: 10.2202/1538-0653.1352
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    References listed on IDEAS

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    1. Settle, Chad & Crocker, Thomas D. & Shogren, Jason F., 2002. "On the joint determination of biological and economic systems," Ecological Economics, Elsevier, vol. 42(1-2), pages 301-311, August.
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    Cited by:

    1. McIntosh, Christopher R. & Shogren, Jason F. & Finnoff, David C., 2010. "Invasive species and delaying the inevitable: Valuation evidence from a national survey," Ecological Economics, Elsevier, vol. 69(3), pages 632-640, January.
    2. Settle, Chad & Shogren, Jason F., 2004. "Hyperbolic discounting and time inconsistency in a native-exotic species conflict," Resource and Energy Economics, Elsevier, vol. 26(2), pages 255-274, June.
    3. Kivi, Paul A. & Shogren, Jason F., 2011. "Low-probability rational spillovers," Economics Letters, Elsevier, vol. 110(1), pages 25-27, January.
    4. Finnoff, David & Shogren, Jason F. & Leung, Brian & Lodge, David, 2005. "The importance of bioeconomic feedback in invasive species management," Ecological Economics, Elsevier, vol. 52(3), pages 367-381, February.
    5. McIntosh, Christopher R., 2014. "Preference reversals: experimental review and a new idea for using arbitrage within the double bound dichotomous choice elicitation method," Western Economics Forum, Western Agricultural Economics Association, vol. 13(1), pages 1-11.
    6. Alessandro Lizzeri & Leeat Yariv, 2017. "Collective Self-Control," American Economic Journal: Microeconomics, American Economic Association, vol. 9(3), pages 213-244, August.
    7. Ipate Iudith, 2015. "Approaches to Bioeconomic Modelling in correlation with Consumer Model and Biodiversity Indicators," Acta Universitatis Danubius. OEconomica, Danubius University of Galati, issue 11(2), pages 61-71, April.

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