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April 27, 2026Natural Resource ModelingOpen Access

Decomposing Shadow Prices Under Climate‐Driven Growth Scenarios: Insights From an Elk Herd Case Study

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Authors

RBRanjit BawaDBDrew BennettWSWai Yan Siu

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Overview

Randomized trial examines shadow price formation in elk herds, suggesting insights for natural capital management.

Key Points

  • This study aims to clarify how shadow prices of natural capital are formed and affected by ecological factors and climate change.
  • Used the Clarks Fork elk herd case study in northwestern Wyoming.
  • Applied a linearized Ricker model to estimate population dynamics incorporating climate-induced growth rate changes.
  • Formulated a shadow pricing equation that considers marginal benefits, harvest policies, and discounting.
  • Shadow prices influenced by population size and nonlinear ecological feedbacks demonstrate variability.
  • Climate-induced declines in growth rates limit both biological growth and capital gains, leading to less steep declines in shadow prices relative to population losses.
  • Isolating effects of marginal benefits and discounting improves understanding of ecological change impact on value.

Cite This Study

Bawa et al. (2026) studied this question.

synapsesocial.com/papers/69eefd64fede9185760d4136https://doi.org/10.1111/nrm.70034
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