... catastrophes¹

Balmford et al. [1], for example, argue that ``the benefit:cost ratio of an effective global program for the conservation of remaining wild nature is at least 100:1.''

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... reserves.²

Keep in mind here that we're not talking about the dollar value of goods sold to consumers. We're talking about the dollar value the person extracting resources from the forest receives from the first person in the distribution chain. The mark-ups along the way don't help the person who is extracting the resource, and if development is to be sustainable, that person needs to receive enough money to support her needs.

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... resource.³

The discussion that follows is loosely based on an argument that goes back to Colin Clark [2]

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... choose?⁴

For purposes of this thought experiment, you can assume that I am completely trustworthy and that there's no risk I'll renege on my offer.

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... well-being⁵

How kind of you!

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... is⁶

Skip to the last line if you don't like calculus.

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... scenario⁷

Courtesy of The Economist, 26 June 1999, p. 90.

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... cod.⁸

Or how much we'd be willing to give up to ensure that we live in a world that has cod.

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... are,⁹

And we'll talk about that a little later.

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... off.¹⁰

That's known as a Pareto equilibrium.

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... that.¹¹

The Economist, 26 June 1999, p. 90.

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... arguments:¹²

An assumption that conservation biologists should feel entirely comfortable with.

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... anyway?¹³

Well, I could endow a bunch of graduate fellowships at UConn, help to conserve a bunch of land in other parts of the world, and do some other good things. I probably would find a way to use it.

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... all.¹⁴

These aren't the words they use, of course.

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... money.¹⁵

Even to Bill Gates.

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... world,¹⁶

The gross national product is the total income of a country.

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