Risk diversification strategies for biodiversity conservation investment

“Data(EE)” contains two different Excel data worksheets. In the “MPTinput(193counties)” sheet, values of expected return on investment (ROI) for 193 counties in 8 states (i.e., Alabama, Georgia, Kentucky, North Carolina, South Carolina, Tennessee, Virginia, and West Virginia) under 486 climate and market uncertainty scenarios are shown. ROIs are used as the raw data for the naïve and constrained MPT frameworks. The second sheet, “Cost”, shows the average physical costs for each county specified by the size of eligible forestland (i.e., unprotected private forestland) and unit opportunity cost for conservation. Cost data is used as the upper bound constraint in the constrained MPT framework. Finally, we estimate efficient portfolios’ ROI and risk, with corresponding portfolio weight by using MATLAB code (“MPT code” in the zip file). For more details on the data, see Supplementary material.