| Title: |
Balancing conservation and commerce: A shadow value viability approach for governing bycatch |
| Authors: |
Donovan, P; Springborn, M |
| Publisher Information: |
eScholarship, University of California |
| Publication Year: |
2022 |
| Subject Terms: |
Behavioral and Social Science; Life on Land; Viable control; Dynamic programming methods; Shadow valuation; Catastrophes; Thresholds; Bioeconomics; Conservation; Bycatch; Market-based instruments; Multi-species fisheries management; Environmental Science and Management; Economic Theory; Applied Economics; Agricultural Economics & Policy; envir; socio |
| Description: |
The losses from extinction events are not well-known, making an expected net benefits approach to conservation problems difficult to implement. A viable control strategy instead focuses on limiting the risk of extinction to some acceptably low level at the least possible cost. Here we describe a shadow value viability approach for solving conservation problems with irreversible thresholds with dynamic programming. A social planner calculates the minimal (virtual) level of loss from extinction that would trigger sufficient action to avoid extinction with the desired confidence. The cost-effective policy then arises from acting as if the resulting shadow value is real. We demonstrate the method in a numerical application to the conservation of the Pacific leatherback turtle population, which co-mingles with the Pacific swordfish fishery. We show how the cost-effective outcome can be achieved among decentralized fishers by using the planner's shadow value to set market-based instruments for managing turtle bycatch. This approach translates the species viability objective into economic terms so conservation and commercial harvest can be rationally integrated. |
| Document Type: |
article in journal/newspaper |
| Language: |
unknown |
| Relation: |
https://escholarship.org/uc/item/0vt873j4 |
| Availability: |
https://escholarship.org/uc/item/0vt873j4 |
| Rights: |
undefined |
| Accession Number: |
edsbas.B90600EF |
| Database: |
BASE |