Accounting for time preference in management decisions: an application to invasive species

Rout, Tracy M. and Walshe, Terry (2013) Accounting for time preference in management decisions: an application to invasive species. Journal of Multi-Criteria Decision Analysis, 20 3-4: 197-211. doi:10.1002/mcda.1490

Author Rout, Tracy M.
Walshe, Terry
Title Accounting for time preference in management decisions: an application to invasive species
Journal name Journal of Multi-Criteria Decision Analysis   Check publisher's open access policy
ISSN 1057-9214
Publication date 2013
Sub-type Article (original research)
DOI 10.1002/mcda.1490
Open Access Status
Volume 20
Issue 3-4
Start page 197
End page 211
Total pages 15
Place of publication Chichester, West Sussex, United Kingdom
Publisher John Wiley & Sons
Collection year 2014
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 examine how time has been treated in previous decision analyses of invasive species management, focusing on the differences between multicriteria and economic cost-benefit analyses. We then outline a method for incorporating time preference information into multicriteria decision analyses to ensure that criteria weights remain a faithful representation of the decision maker's preferences. To illustrate how time preference can be elicited for invasive species problems involving both monetary and nonmonetary consequences, we describe a small empirical study we conducted with a small group of experts and managers. By outlining a way to consider time preference information in multicriteria analyses of invasive species management, we hope to facilitate better decision making that is reflective of the decision maker's true preferences.
Keyword Discounting
Intertemporal choice
Invasive species
Social discount rate
Q-Index Code C1
Q-Index Status Confirmed Code
Institutional Status UQ

Document type: Journal Article
Sub-type: Article (original research)
Collections: Official 2014 Collection
School of Biological Sciences Publications
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Created: Thu, 28 Nov 2013, 20:57:26 EST by System User on behalf of School of Biological Sciences