Utilising portfolio theory in environmental research – New perspectives and considerations.
Abstract Modern Portfolio Theory is a well-established method in economic research for considering the risks and returns in asset allocations and the potential benefits of diversification for risk averse agents. Thus, it is a useful tool for guiding sustainability discourse under uncertain future st...
| Publicado en: | Journal of Environmental Management Vol. 231; pp. 926 - 940 |
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| Autores principales: | , , , , |
| Formato: | Artículo |
| Publicado: |
Academic Press Inc.
Feb2019
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| Materias: | |
| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=133750111&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 133750111 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 03014797 EMJ jtl: Journal of Environmental Management issn: 03014797 maglogo: N pubinfo: dt: Feb2019 vid: 231 pid: 735 pub: Academic Press Inc. artinfo: ui: 133750111 10.1016/j.jenvman.2018.10.049 ppf: 926 ppct: 14 formats: tig: atl: Utilising portfolio theory in environmental research – New perspectives and considerations. aug: au: Matthies, Brent D. Jacobsen, Jette Bredahl Knoke, Thomas Paul, Carola Valsta, Lauri affil: Helsinki Institute of Sustainability Science, Faculty of Agriculture and Forestry, University of Helsinki, P.O. Box 27 (Latokartaanonkaari 7), 00014, Helsinki, Finland Dasos Capital Oy, Itämerentori 2, 00180, Helsinki, Finland Section for Environment and Natural Resources, Rolighedsvej 23, 1958 Frb. C, Old Building Living Room, Building: A107, Copenhagen, Denmark Institute of Forest Management, Hans-Carl-von-Carlowitz-Platz 2, 85354, Freising, Germany Department of Forest Economics and Forest Management, Georg-August-University Goettingen, Busway 3, 37077, Göttingen, Germany Faculty of Agriculture and Forestry, University of Helsinki, P.O. Box 27 (Latokartaanonkaari 7), 00014, Helsinki, Finland su: Discourse analysis Sustainability Ecosystem services Portfolio diversification Environmental management sug: subj: Discourse analysis Sustainability Ecosystem services Portfolio diversification Environmental management keyword: Diversification Ecosystem service Environmental risk Modern portfolio theory Diversification Ecosystem service Environmental risk Modern portfolio theory ab: Abstract Modern Portfolio Theory is a well-established method in economic research for considering the risks and returns in asset allocations and the potential benefits of diversification for risk averse agents. Thus, it is a useful tool for guiding sustainability discourse under uncertain future states. Existing discussions around the method's use in environmental research have evolved during over the 75 years of its application, leading to a continued renewal of perspectives on utilising it. We classify the environmental questions where portfolio theory has been applied, and critically discuss the methodological approaches taken; providing a stepping stone for future use of the method. This article provides a framework for its application in environmental research using the following questions: 1) what is the type of research or management question and objective(s) of the decision-maker(s); 2) what are the definitions of the assets to be included in the portfolio; 3) what are the ways that returns are valued, discounted, distributed and weighted; 4) what is the most appropriate way for risks to be accounted for and managed, including the selection of the appropriate model and taking into account risk preferences; and 5) what are the definitions of constraints in the programming problem. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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