A Theoretical Model of Optimal Forest Resource Regimes in Developing Economies
AbstractThe standard economic theory of natural-resource management has its roots in a conventional economic theory of commons that overlooked the role of institutional structures and the transaction costs. Hence, it has not been able to explain cases of successful management of forests as common property. An economic model in-corporating the role of transaction costs has been developed. A mathematical form that can represent the general nature of a transaction function is suggested. Static models for separable and nonseparable transformation and transaction functions are discussed. The possibility of different resource regimes being optimal in different socioeconomic conditions is highlighted.
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Bibliographic InfoArticle provided by Mohr Siebeck, Tübingen in its journal Journal of Institutional and Theoretical Economics.
Volume (Year): 157 (2001)
Issue (Month): 2 (June)
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- Kijazi, Martin Herbert & Kant, Shashi, 2011. "Social acceptability of alternative forest regimes in Mount Kilimanjaro, Tanzania, using stakeholder attitudes as metrics of uncertainty," Forest Policy and Economics, Elsevier, vol. 13(4), pages 242-257, April.
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