The devil in the details: Non-convexities in ecosystem service provision
AbstractStandard economic theory is built on key assumptions regarding concavity and convexity, particular with respect to the production possibility frontier. Non-convexity is readily demonstrated using a two species conventional model. Now that ecosystem services are growing in prominence it is important to confirm that typical natural resource production relations obey these conditions. If not, innocently prescribing price or allocation policies can lead to a minimum rather than a maximum or to wrong equilibrium solutions in general. This is a particular danger in decentralized pricing systems.
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Bibliographic InfoArticle provided by Elsevier in its journal Resource and Energy Economics.
Volume (Year): 33 (2011)
Issue (Month): 2 (May)
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Web page: http://www.elsevier.com/locate/inca/505569
Non-convexity Ecosystem services Predator-prey dyamics;
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