2013
DOI: 10.1002/mcda.1490
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Accounting for Time Preference in Management Decisions: An Application to Invasive Species

Abstract: Managers of invasive species seek to prevent and mitigate their impact, which vary in the time horizon over which they are realized. Likewise, stakeholders vary in the time horizons they consider relevant. Agricultural impacts might reasonably be considered over two or three decades, although ecologists typically consider environmental impacts over much longer time frames. Although time preference plays a critical role in decision making, it has largely been ignored in multicriteria analyses. In this study, we… Show more

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Cited by 6 publications
(6 citation statements)
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“…We applied a discount rate of 5%. This rate is consistent with similar studies (Roberts, Pannell, Graeme, & Vigiak, ; Pannell, Roberts, Geoff, & Alexander, ; Rout & Walshe, ) and government recommendations for environmental projects (Wise & Capon, ).…”
Section: Methodological Analysis and Contextsupporting
confidence: 91%
“…We applied a discount rate of 5%. This rate is consistent with similar studies (Roberts, Pannell, Graeme, & Vigiak, ; Pannell, Roberts, Geoff, & Alexander, ; Rout & Walshe, ) and government recommendations for environmental projects (Wise & Capon, ).…”
Section: Methodological Analysis and Contextsupporting
confidence: 91%
“…). This is because invasive species management decisions are typically based on populations in specific habitats and locales, involving time horizons of seasons to decades (Rout and Walshe , Wells et al. ).…”
Section: Introductionmentioning
confidence: 99%
“…We assume dc < de (see SI Materials and Methods for discussion and justification) (51,52). The discounting time horizon m and n are the amount of foresight applied to decisions for economic and conservation utilities, respectively (14,53).…”
Section: [4]mentioning
confidence: 99%