A Stochastic Model of an Ecological-Economic System with Two Keystone Species

Ecological Economics, Vol. 63, pp. 701-705, 2007

Posted: 12 Jul 2007

See all articles by Amitrajeet A. Batabyal

Amitrajeet A. Batabyal

Rochester Institute of Technology (RIT) - Department of Economics

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Abstract

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

Batabyal, Amitrajeet A., A Stochastic Model of an Ecological-Economic System with Two Keystone Species. Ecological Economics, Vol. 63, pp. 701-705, 2007, Available at SSRN: https://ssrn.com/abstract=999947

Amitrajeet A. Batabyal (Contact Author)

Rochester Institute of Technology (RIT) - Department of Economics ( email )

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