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Diversifying to Reduce Conservation Outcome Uncertainty in Multiple Environmental Objectives

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  • Ando, Amy
  • Howlader, Aparna
  • Mallory, Mindy

Abstract

In this paper we develop tools and intuition for portfolio optimization for multiple conservation objectives. We show it is more efficient to optimize a conservation portfolio for multiple goods jointly, allowing planners to exploit information about multiple dimensions of correlations between goods. We identified a new type of correlation that is important for optimal conservation planning of multiple objectives under uncertainty: scenario correlation between objectives in a given part of the landscape. The conservation planner faces a different kind of problem if the objectives at hand respond similarly rather than differently to climate shocks in subregions of the planning area.

Suggested Citation

  • Ando, Amy & Howlader, Aparna & Mallory, Mindy, 2018. "Diversifying to Reduce Conservation Outcome Uncertainty in Multiple Environmental Objectives," Agricultural and Resource Economics Review, Cambridge University Press, vol. 47(2), pages 220-238, August.
    • Handle: RePEc:cup:agrerw:v:47:y:2018:i:02:p:220-238_00
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    Cited by:

    1. Rössert, Sebastian & Gosling, Elizabeth & Gandorfer, Markus & Knoke, Thomas, 2022. "Woodchips or potato chips? How enhancing soil carbon and reducing chemical inputs influence the allocation of cropland," Agricultural Systems, Elsevier, vol. 198(C).
    2. Kolstoe, Sonja H. & Kline, Jeffrey D. & Lohr, Luanne, 2022. "Economic Approaches for Managing Migratory Bird Habitat Across Multi-Owner Landscapes," Western Economics Forum, Western Agricultural Economics Association, vol. 20(1), May.
    3. Lewis, David J. & Polasky, Stephen, 2018. "An auction mechanism for the optimal provision of ecosystem services under climate change," Journal of Environmental Economics and Management, Elsevier, vol. 92(C), pages 20-34.
    4. Drechsler, Martin & Wätzold, Frank, 2020. "Biodiversity conservation in a dynamic world may lead to inefficiencies due to lock-in effects and path dependence," Ecological Economics, Elsevier, vol. 173(C).

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