Recent work uses mean-variance portfolio theory to identify optimal spatial conservation planning in the face of spatial variation in future benefits from uncertainty in climate change. Use of variance to measure risk may lead to inefficient portfolio allocation decisions when returns do not...

The dominant paradigm of conservation-reserve planning in economics is to optimize the provision of physical conservation benefits given a budget constraint, implicitly assuming the value of biodiversity and ecosystem function is not affected by human proximity to that natural capital. There is...