There is no silver bullet: The value of diversification in planning invasive species surveillance

Denys Yemshanov, Frank H. Koch, Bo Lu, D. Barry Lyons, Jeffrey P. Prestemon, Taylor Scarr and Klaus Koehler

Ecological Economics, 2014, vol. 104, issue C, 61-72

Abstract: In this study we demonstrate how the notion of diversification can be used in broad-scale resource allocation for surveillance of invasive species. We consider the problem of short-term surveillance for an invasive species in a geographical environment. We find the optimal allocation of surveillance resources among multiple geographical subdivisions via application of a classical portfolio framework, which allocates investments among multiple financial asset types with uncertain returns in a portfolio that maximizes the performance and, by meeting the desired diversification targets, protects against errors in estimating the portfolio's performance.

Keywords: Emerald ash borer; Surveillance; Diversification; Equal risk sharing; Portfolio variance; Portfolio theory (search for similar items in EconPapers)
Date: 2014
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Citations: View citations in EconPapers (9)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolec:v:104:y:2014:i:c:p:61-72

DOI: 10.1016/j.ecolecon.2014.04.024

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