Conventional wisdom says that equity concerns are beyond the scope of economic analysis and that achieving equity objectives will often come at a cost in terms of efficiency. Examination of the underlying meaning of efficiency and how it is defined, however, reveals that this tension between...

This paper describes a model used to assess alternative scenarios for managing the marine biosecurity risk to Fiordland from vessel traffic. Scenarios are assessed in terms of risk reduction per dollar spent. To keep the analysis manageable, we focus on vessel risks from hull fouling, as this is...