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Mathematics of Planet EarthDynamic Optimization, Natural Capital, and Ecosystem Services

Mathematics of Planet Earth: Dynamic Optimization, Natural Capital, and Ecosystem Services [This article argues that natural capital should be viewed as a stock or state variable whose evolution is described by a difference or differential equation. Ecosystem services are benefit flows produced by stocks of natural capital. To value natural capital and the ecosystem services they provide, one needs to determine their value when they are optimally managed. This requires solving a dynamic optimization problem. The steady-state optimum to such a problem can serve as a benchmark from which to estimate the losses associated with pure open access (the tragedy of the commons) or any other sub-optimal steady state. This approach is illustrated by estimating the ecosystem service from oysters that remove nutrients from Chesapeake Bay.] http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png

Mathematics of Planet EarthDynamic Optimization, Natural Capital, and Ecosystem Services

Part of the Mathematics of Planet Earth Book Series (volume 5)
Editors: Kaper, Hans G.; Roberts, Fred S.
Mathematics of Planet Earth — Nov 2, 2019

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References (21)

Publisher
Springer International Publishing
Copyright
© Springer Nature Switzerland AG 2019
ISBN
978-3-030-22043-3
Pages
297 –311
DOI
10.1007/978-3-030-22044-0_11
Publisher site
See Chapter on Publisher Site

Abstract

[This article argues that natural capital should be viewed as a stock or state variable whose evolution is described by a difference or differential equation. Ecosystem services are benefit flows produced by stocks of natural capital. To value natural capital and the ecosystem services they provide, one needs to determine their value when they are optimally managed. This requires solving a dynamic optimization problem. The steady-state optimum to such a problem can serve as a benchmark from which to estimate the losses associated with pure open access (the tragedy of the commons) or any other sub-optimal steady state. This approach is illustrated by estimating the ecosystem service from oysters that remove nutrients from Chesapeake Bay.]

Published: Nov 2, 2019

Keywords: Chesapeake Bay; Dynamic optimization; Ecosystem services; Natural capital; Oyster culture; Socioeconomics

There are no references for this article.