Decision-Making Under Risk in Invasive Species Management: Risk Management Theory and Applications

Invasive species management is closely entwined with the assessment and management of risk that arises from the inherently random nature of the invasion process. The theory and application of risk management for invasive species with an economic perspective is reviewed in this synthesis. Invasive species management can be delineated into three general categories: exclusion, detection, and control. Key ideas and approaches in current literature and potential applications of existing theory are presented in this synthesis. Economic literature tends to emphasize either individual management strategies, such as preventing invasive species from entering an ecosystem or controlling extant populations. There is also a growing focus on the optimal allocation between multiple activities for the same species such as between prevention and control. The key biological and economic relationships included vary across frameworks and objectives.

The synthesis is organized into sections covering the salient aspects of invasive species management by separating the major veins of economic literature on decision-making. Invasive species management is discussed and a brief overview of risk management and economic theory is provided. An overview of the key factors causing invasions is presented. Exclusion activities to prevent introductions is the focus in the third section. Control strategies after the species has been successfully introduced are emphasized. The trade-offs between multiple management strategies are addressed. Finally, a discussion concludes the synthesis.