Endangered species and the safe minimum standard

Richard C. Ready, Richard C. Bishop

Research output: Contribution to journalArticle

54 Scopus citations

Abstract

The safe minimum standard of conservation is a decision rule for problems like endangered species preservation that involve irreversibility and uncertainty. It has been motivated as the minimax-loss solution to a two-person game against nature. However, two equally plausible games can be used to model decisions involving endangered species. For one game, the safe minimum standard, and therefore preservation, is preferred. For the other game, extinction is preferred. Although the safe minimum standard is intuitively appealing, it cannot be motivated by game theory.

Original languageEnglish (US)
Pages (from-to)309-312
Number of pages4
JournalAmerican Journal of Agricultural Economics
Volume73
Issue number2
DOIs
StatePublished - May 1991

All Science Journal Classification (ASJC) codes

  • Agricultural and Biological Sciences (miscellaneous)
  • Economics and Econometrics

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