Recent research in natural sciences shows that boreal forests' dynamics are much more complex than what many models traditionally used in forestry economics reflect. This essay analyses some challenges of accounting for such complexity. When forest owners continuously harvest several species,...

Coral reefs may naturally flip between coral-dominated and algae-dominated states, when species' stocks trespass some threshold levels. This essay uses a stylized model of a coral reef to show how fishing may induce flips towards more algae-dominated states. Threshold effects have consequences...