We analyze a dynamic and stochastic ecological-economic model of grazing management in semi-arid rangelands. The non-equilibrium ecosystem is driven by stochastic precipitation. A risk averse farmer chooses a grazing management strategy under uncertainty such as to maximize expected utility from...

We analyze a dynamic and stochastic ecological-economic model of grazing management in semi-arid range lands. The non-equilibrium ecosystem is driven by stochastic precipitation. A risk averse farmer chooses a grazing management strategy under uncertainty such as to maximize expected utility...

The paper explains how to achieve a universally prosperous environmentally sustainable global society. This objective is incompatible with traditional economic policies dependent of full employment and ideologies based on uninhibited use of non-renewable resources. Politically attractive...

Investment in natural capital is increasingly necessary and urgent considering the increasing loss of global bio- diversity and the associated social and economic losses. Ecosystem services are tools for quantifying the stock of natural capital and there is great concern about their assessment...