Evaluating Effects of Everglades Restoration on American Crocodile Populations in South Florida Using a Spatially-Explicit, Stage-Based Population Model

The distribution and abundance of the American crocodile (Crocodylus acutus) in the Florida Everglades is dependent on the timing, amount, and location of freshwater flow. One of the goals of the Comprehensive Everglades Restoration Plan (CERP) is to restore historic freshwater flows to American crocodile habitat throughout the Everglades. To predict the impacts on the crocodile population from planned restoration activities, we created a stage-based spatially explicit crocodile population model that incorporated regional hydrology models and American crocodile research and monitoring data. Growth and survival were influenced by salinity, water depth, and density-dependent interactions. A stage-structured spatial model was used with discrete spatial convolution to direct crocodiles toward attractive sources where conditions were favorable. The model predicted that CERP would have both positive and negative impacts on American crocodile growth, survival, and distribution. Overall, crocodile populations across south Florida were predicted to decrease approximately 3 % with the implementation of CERP compared to future conditions without restoration, but local increases up to 30 % occurred in the Joe Bay area near Taylor Slough, and local decreases up to 30 % occurred in the vicinity of Buttonwood Canal due to changes in salinity and freshwater flows.

Possible climate change impacts on the hydrological and vegetative character of Everglades National Park, Florida

The increasing threat of global climate change is predicted to have immense influences on ecosystems worldwide, but could be particularly severe to vulnerable wetland environments such as the Everglades. This work investigates the impact global climate change could have on the hydrologic and vegetative makeup of Everglades National Park (ENP) under forecasted emissions scenarios. Using a simple stochastic model of aboveground water levels driven by a fluctuating rainfall input, we link across ENP a location's mean depth and percent time of inundation to the predicted changes in precipitation from climate change. Changes in the hydrologic makeup of ENP are then related to changes in vegetation community composition through the use of relationships developed between two publically available datasets. Results show that under increasing emissions scenarios mean annual precipitation was forecasted to decrease across ENP leading to a marked hydrologic change across the region. Namely, areas were predicted to be shallower in average depth of standing water and inundated less of the time. These hydrologic changes in turn lead to a shift in ENP's vegetative makeup, with xeric vegetative communities becoming more numerous and hydric vegetative communities becoming scarcer. Noticeably, the most widespread of vegetative communities, sawgrass, decreases in abundance under increasing emissions scenarios. These results are an important indicator of the effects climate change may have on the Everglades region and raise important management implications for those seeking to restore this area to its historical hydrologic and vegetative condition.

A Comprehensive Portfolio Construction Under Stochastic Environment

Prior research has established that idiosyncratic volatility of the securities prices exhibits a positive trend. This trend and other factors have made the merits of investment diversification and portfolio construction more compelling. A new optimization technique, a greedy algorithm, is proposed to optimize the weights of assets in a portfolio. The main benefits of using this algorithm are to: a) increase the efficiency of the portfolio optimization process, b) implement large-scale optimizations, and c) improve the resulting optimal weights. In addition, the technique utilizes a novel approach in the construction of a time-varying covariance matrix. This involves the application of a modified integrated dynamic conditional correlation GARCH (IDCC - GARCH) model to account for the dynamics of the conditional covariance matrices that are employed. The stochastic aspects of the expected return of the securities are integrated into the technique through Monte Carlo simulations. Instead of representing the expected returns as deterministic values, they are assigned simulated values based on their historical measures. The time-series of the securities are fitted into a probability distribution that matches the time-series characteristics using the Anderson-Darling goodness-of-fit criterion. Simulated and actual data sets are used to further generalize the results. Employing the S&P500 securities as the base, 2000 simulated data sets are created using Monte Carlo simulation. In addition, the Russell 1000 securities are used to generate 50 sample data sets. The results indicate an increase in risk-return performance. Choosing the Value-at-Risk (VaR) as the criterion and the Crystal Ball portfolio optimizer, a commercial product currently available on the market, as the comparison for benchmarking, the new greedy technique clearly outperforms others using a sample of the S&P500 and the Russell 1000 securities. The resulting improvements in performance are consistent among five securities selection methods (maximum, minimum, random, absolute minimum, and absolute maximum) and three covariance structures (unconditional, orthogonal GARCH, and integrated dynamic conditional GARCH).