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Analyzes the economic forces underlying the misuse of biological renewable resources and discusses economically effective methods of resource management. It shows how rigorous mathematical modeling can be used to solve the complex problems of bioeconomics. This Third Edition has been revised to address the importance of individual economic incentives, the over-riding importance of uncertainty, and the value of diversity. Resource managers, conservation biologists, ecologists, applied mathematicians, biologists, and economic analysts will rely on this timely resource.