Bioeconomics of managed relocation.

Managed relocation is a biological resource management intervention that moves a portion of a species negatively affected by climate change to sites outside of its historic range where the species’ productivity is expected to be higher. We numerically solve for the optimal managed relocation policy in a spatial-dynamic bioeconomic model. The model includes three sites where climate change causes the local productivity of a beneficial species to change over time. The optimal policy is characterized by complex transient dynamics that reflect productivity trends, the local benefit of the species, and the cost of relocation. Given concerns about the impact of a relocated species on destination ecosystems, we consider the implications of blocking relocation to a site. We also compare optimal managed relocation to the relocation policy that achieves a future population distribution with the least investment.