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Uncertainty and Amenity Values in Renewable Resource Economics

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  • Gilles Lafforgue

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Abstract

In this paper, we study the effects of amenities and uncertainty on the optimal exploitation of a renewable resource. First, if society displays a protection motive (in the presence of amenities), its optimal harvesting strategy will be more conservative. Second, we show that ecological uncertainty leads society to develop the opposite behavior, thus reducing its exposition towards risk. A stationary analysis is undertaken to analytically quantify and compare these two effects. With a Gompertz natural regeneration function and a proportional risk, the amenity effect is proved to prevail if and only if stochastic fluctuations on the resource stock are not too large. Copyright Springer 2005

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File URL: http://hdl.handle.net/10.1007/s10640-005-1671-z
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Bibliographic Info

Article provided by European Association of Environmental and Resource Economists in its journal Environmental & Resource Economics.

Volume (Year): 31 (2005)
Issue (Month): 3 (07)
Pages: 369-383

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Handle: RePEc:kap:enreec:v:31:y:2005:i:3:p:369-383

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Web page: http://www.springerlink.com/link.asp?id=100263

Related research

Keywords: amenities; renewable resources; ecological uncertainty; risk exposition; stationary distributions; Q20; D81; C61;

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Cited by:
  1. Susanne Soretz, 2007. "Efficient Dynamic Pollution Taxation in an Uncertain Environment," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 36(1), pages 57-84, January.
  2. Eric Fesselmeyer & Marc Santugini, 2009. "Strategic Exploitation of a Common Resource under Environmental Risk," Cahiers de recherche 09-08, HEC Montréal, Institut d'économie appliquée, revised Feb 2012.
  3. Rob Aalbers, 2009. "Discounting investments in mitigation and adaptation: a dynamic stochastic general equilibrium approach of climate change," CPB Discussion Paper 126, CPB Netherlands Bureau for Economic Policy Analysis.
  4. Isabel Almudi & Julio Sánchez Chóliz, 2011. "Sustainable use of renewable resources: an identity approach," Journal of Bioeconomics, Springer, vol. 13(2), pages 97-123, July.

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