The Noah's Ark Problem

Martin Weitzman

Econometrica, 1998, vol. 66, issue 6, 1279-1298

Abstract: This paper is about the economic theory of biodiversity preservation. A cost-effectiveness methodology is constructed, which results in a ranking criterion sufficiently operational to be useful in suggesting what to look at when determining actual conservation priorities. The formula is firmly rooted in a mathematically rigorous optimization framework, so that its theoretical underpinnings are clear. The underlying model, called the 'Noah's Ark Problem,' is intended to be a kind of canonical form that hones down to its analytical essence the problem of best preserving diversity under a limited budget constraint.

Date: 1998
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