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Stochastic Dominance, Entropy and Biodiversity Management

Catherine Chambers (), Paul Chambers (), John Crooker () and John Whitehead ()
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Catherine Chambers: University of Central Missouri
Paul Chambers: University of Central Missouri

Working Papers from University of Central Missouri, Department of Economics & Finance

Abstract: In this paper we develop a model of population dynamics using the Shannon entropy index, a measure of diversity that allows for global and specific population shocks. We model the effects of increasing the number of parcels on biodiversity, varying the number of spatially diverse parcels to capture risk diversification. We discuss the concepts of stochastic dominance as a means of project selection, in order to model biodiversity returns and risks. Using a Monte Carlo simulation we find that stochastic dominance may be a useful theoretical construct for project selections but it is unable to rank every case.

Pages: 31 pages
Date: 2008-05, Revised 2008-05
New Economics Papers: this item is included in nep-agr, nep-env and nep-ore
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Working Paper: Stochastic Dominance, Entropy and Biodiversity Management (2008) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:umn:wpaper:0807

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