Burnett, Kimberly; Roumasset, James; Tsur, Yacov - Department of Economics, University of Hawaii-Manoa - 2007
This paper develops a two-stage model for the optimal management of a potential invasive species. The arrival of an invasive species is modeled as an irreversible event with an uncertain arrival time. The model is solved in two stages, beginning with the post-invasion stage. In this stage, we...