Conflicts and Choices in Biodiversity Preservation

Andrew Metrick and Martin Weitzman

Harvard Institute of Economic Research Working Papers from Harvard - Institute of Economic Research

Abstract: The purpose of this article is to examine the preservation of biodiversity as an economic problem. Using a very simple prototype model, we discuss how to include diversity in the objective function and how to develop a simple cost-benefit ranking criterion for ordering priorities. Then we analyze data on endangered species preservation decisions in the U S. to shed light on the conformity of theory with practice. A basic theme is that the core issue in biodiversity preservation today is the fuzziness of the objective function.

Date: 1998
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