Numbers of non-indigenous species-species introduced from elsewhere-are increasing rapidly worldwide, causing both environmental and economic damage. Rigorous quantitative risk-analysis frameworks, however, for invasive species are lacking. We need to evaluate the risks posed by invasive species and quantify the relative merits of different management strategies (e.g. allocation of resources between prevention and control). We present a quantitative bioeconomic modelling framework to analyse risks from nonindigenous species to economic activity and the environment. The model identi es the optimal allocation of resources to prevention versus control, acceptable invasion risks and consequences of invasion to optimal investments (e.g. labour and capital). We apply the model to zebra mussels (Dreissena polymorpha), and show that society could bene t by spending up to US$324 000 year 21 to prevent invasions into a single lake with a power plant. By contrast, the US Fish and Wildlife Service spent US$825 000 in 2001 to manage all aquatic invaders in all US lakes. Thus, greater investment in prevention is warranted.

No abstract

We examine the net benefits of social distancing to slow the spread of COVID-19 in USA. Social distancing saves lives but imposes large costs on society due to reduced economic activity. We use epidemiological and economic forecasting to perform a rapid benefit–cost analysis of controlling the COVID-19 outbreak. Assuming that social distancing measures can substantially reduce contacts among individuals, we find net benefits of about $5.2 trillion in our benchmark case. We examine the magnitude of the critical parameters that might imply negative net benefits, including the value of statistical life and the discount rate. A key unknown factor is the speed of economic recovery with and without social distancing measures in place. A series of robustness checks also highlight the key role of the value of mortality risk reductions and discounting in the analysis and point to a need for effective economic stimulus when the outbreak has passed.

Any person who does any unauthorised act in relation to this publication may be liable to criminal prosecution and civil claims for damages. First published 1997 by MACMILLAN PRESS LTD Houndmills, Basingstoke, Hampshire RG21 6XS and London Companies and representatives throughout the world 42 46 49 S8 98 vi Contents 4 Pollution Taxes for the Efficient Control of Pollution 4.1 Introduction 4.2 Efficiency properties of a tax on emissions 4.3 Problems with pollution taxes 4.4 Conclusions 5 Tradeable Pollution Permits 5.1 Introduction 5.2 The basic theory of tradeable pollution permits 5.3 Research issues in tradeable permit markets 5.4 Conclusions 6 Transboundary Pollution Problems 6.1 selected minerals 9.1 Studies of non-renewable resource scarcity 9.2 Estimates for the output equation 10.1 The bionomic optimum 10.2 Pay-off matrix 13.1 Effects of more information on WTP to preserve heaths 13.2 Description of variables for analysis 13.3 Determinants of real consumer surplus per ~lDit of use 13.4 Demand curve for broadleaved woods xii