The Economic Implications of a Multiple Species Approach to Bioeconomic Modelling

Ecologists frequently note the importance of modelling entire ecosystems rather than single species, but most bioeconomic models in the current literature focus on a single species. While the mathematical difficulty of multiple species may quickly become overwhelming, sometimes making the single species option necessary, it is important to recognise the significance of the single species assumption to the model results. In this paper, the authors address the economic significance of this assumption through the development of a multiple species model and demonstrate, using African Wildlife as an example, the importance of interrelationships and economic values to the survival of endangered species.