Ecological rehabilitation is subject to a variety of risks affecting the likely return on investment. We propose an options approach to allocating scarce conservation funds that explicitly allows for the irreversibility of investment and risks to investment payoffs. The approach captures...

Ecological rehabilitation is subject to a variety of risks affecting the likely return on investment. We propose a real options approach to valuing and ranking individual rehabilitation projects, accounting for irreversible investment and the effects of climate change on species loss, future...