Harnessing the power of probability for the sustainable use of natural resources
How can a fishing quota be determined when the number of fish in the population is unclear? Should you allocate resources to gathering more information before making the decision? What should you be willing to pay? How can you combine your prior knowledge with this new information? When attempting to manage natural resources in a sustainable, consistent, and rational manner, these type of questions emerge and we seek to provide answers. Our research group specializes in applying the Bayesian approach to solve environmental management conundrums, describing uncertainty about the true state of nature using the concept of probability.