Abstract
An alternative derivation of the irreversibility concept, with an application to the preservation of endangered species, is presented in this paper. The analysis involves a standard intertemporal welfare maximization procedure and is interested in the allocation of land between the production of economic goods and the preservation of species. Conversion of habitat is assumed to be irreversible. It is shown that the existence of utility value for species stocks, combined with increasing severity of the irreversibility constraint implies less conversion of species habitat than would occur in the absence of irreversibility.
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