Single-species versus multiple-species models: the economic implications

Ecologists frequently note the importance of modelling entire ecosystems rather than individual species, but most bioeconomic models in the current literature focus on a single species. While the mathematical difficulty of modelling multiple species may be substantial, it is important to recognise the implications of the single-species assumption to a model’s results. In this paper, the authors address the economic significance of this assumption through the development of an analytical multiple-species model and demonstrate the importance of ecological interrelationships and economic values to the survival of endangered species.