TITLE:
Noah Revisits Biodiversity Prioritization
AUTHORS:
David W. Martin
KEYWORDS:
Biodiversity, Noah’s Ark, Natural Capital, Conservation
JOURNAL NAME:
Modern Economy,
Vol.7 No.11,
October
11,
2016
ABSTRACT: The challenge of using limited funds to protect biodiversity
has motivated much important research. One important line of work has been based
upon the Noah’s Ark metaphor developed by Weitzman (1998). I summarize the main
criticisms of that model and use those to develop heuristically a new variation
of that model. That new policy ranking model includes ecological value and diversity
as well as the economic benefits and costs and probability of successful protection
that Weitzman used. I demonstrate the model with an example of two policies intended
to enhance Keoladeo National Park in India, and conclude by discussing how the example
highlights the importance of the interactions of all five of those aspects.