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The Economics of Resilience

Author

Listed:
  • Li, Chuan-Zhong
  • Crépin, Anne-Sophie
  • Folke,Carl

Abstract

This paper provides an interpretive overview on the economics of resilience with special reference to social–ecological systems. We address the basic sciences of regime shifts and resilience in different settings linked to empirical cases and review the economic models related to these aspects. In particular we discuss models to assess market outcomes when thresholds exist and are known and particular characteristics of such systems when they are optimally managed. We also examine multiple aspects of uncertainty including unknown but learnable thresholds and systems where either the threshold or the stock dynamics are uncertain because they change in a stochastic way. Moreover, we discuss resilience in relation to measurement and valuation using approaches that focus on the role of biodiversity for resilience, the insurance value of resilience and the value of resilience as a stock that influences social welfare. Finally, we discuss issues related to practical resilience management and identify knowledge gaps that future research efforts could address.

Suggested Citation

  • Li, Chuan-Zhong & Crépin, Anne-Sophie & Folke,Carl, 2018. "The Economics of Resilience," International Review of Environmental and Resource Economics, now publishers, vol. 11(4), pages 309-353, August.
    • Handle: RePEc:now:jirere:101.00000096
    DOI: 10.1561/101.00000096
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    Cited by:

    1. Ni, Yuanming & Steinshamn, Stein I. & Kvamsdal, Sturla F., 2022. "Negative shocks in an age-structured bioeconomic model and how to deal with them," Economic Analysis and Policy, Elsevier, vol. 76(C), pages 15-30.
    2. Maria Arvaniti & Chandra K. Krishnamurthy & Anne-Sophie Crépin, 2019. "Time-consistent resource management with regime shifts," CER-ETH Economics working paper series 19/329, CER-ETH - Center of Economic Research (CER-ETH) at ETH Zurich.
    3. Neha Deopa & Daniele Rinaldo, 2020. "Quickest Detection of Ecological Regimes for Natural Resource Management," Papers 2005.11500, arXiv.org, revised Mar 2024.
    4. Asheim, Geir B. & Bossert, Walter & D'Ambrosio, Conchita & Vögele, Claus, 2020. "The measurement of resilience," Journal of Economic Theory, Elsevier, vol. 189(C).
    5. Arvaniti, Maria & Krishnamurthy, Chandra Kiran B. & Crépin, Anne-Sophie, 2023. "Time-consistent renewable resource management with present bias and regime shifts," Journal of Economic Behavior & Organization, Elsevier, vol. 207(C), pages 479-495.

    More about this item

    Keywords

    Resilience; regime shift; economic valuation; social-ecological systems;
    All these keywords.

    JEL classification:

    • Q20 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - General
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming
    • Q57 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Ecological Economics

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