Conrad (2018) offers a real option model to analyze conservation policy for endangered species. However, the proposed solution does not characterize the optimal intervention policy. We present the optimal solution and briefly illustrate its implications for the California condor case studied in Conrad (2018). Using an extended model, we further examine how operational flexibility affects the optimal intervention policy and the value of intervention option.

中文翻译：

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评论：“濒危物种的真正选择”（康拉德，2018 年）

Conrad (2018) 提供了一个实物期权模型来分析濒危物种的保护政策。然而，所提出的解决方案并未表征最佳干预策略。我们提出了最佳解决方案，并简要说明了其对康拉德 (2018) 研究的加州秃鹰案例的影响。使用扩展模型，我们进一步研究了操作灵活性如何影响最佳干预政策和干预选项的价值。