A Stochastic Model of an Ecological-Economic System with Two Keystone Species
Ecological Economics, Vol. 63, pp. 701-705, 2007
Posted: 12 Jul 2007
Actions taken by a manager affect the health of the keystone species of an ecological-economic system. In turn, the health of these keystone species largely determines the resilience of the underlying ecological-economic system. What are the nexuses between managerial actions, keystone species, and the resilience of ecological-economic systems? Recently, Batabyal (2002, 2004) has used a Markov chain theoretic framework to address aspects of this question. Here, we use renewal theory and continue the inquiry begun by Batabyal. First, we construct a stochastic model of an ecological-economic system with two keystone species. Next, we answer four specific questions concerning the probabilistic attributes of this ecological-economic system. Finally, we comment on the connections between managerial actions, keystone species, and this ecological-economic system's resilience.
Keywords: Ecological-Economic System, Keystone Species, Renewal Theory, Resilience
JEL Classification: Q57, Q20, C44
Suggested Citation: Suggested Citation