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The Cost-Effectiveness of Conservation Payments

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  • Paul J. Ferraro
  • R. David Simpson

Abstract

International donors invest billions of dollars to conserve ecosystems in low-income nations. The most common investments aim to encourage commercial activities, such as ecotourism, that indirectly generate ecosystem protection as a joint product. We demonstrate that paying for ecosystem protection directly can be far more cost-effective. Although direct-payment initiatives have imposing institutional requirements, we argue that all conservation initiatives face similar challenges. Thus conservation practitioners would be well advised to implement the first-best direct-payment approach, rather than a secondbest policy option. An empirical example illustrates the spectacular cost savings that can be realized by direct-payment initiatives.

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Bibliographic Info

Article provided by University of Wisconsin Press in its journal Land Economics.

Volume (Year): 78 (2002)
Issue (Month): 3 ()
Pages: 339-353

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Handle: RePEc:uwp:landec:v:78:y:2002:i:3:p:339-353

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Web page: http://le.uwpress.org/

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  1. Don Fullerton & Ann Wolverton, 1997. "The Case for a Two-Part Instrument: Presumptive Tax and Environmental Subsidy," NBER Working Papers 5993, National Bureau of Economic Research, Inc.
  2. Heal, G., 1998. "Markets and Sustainability," Papers 98-02, Columbia - Graduate School of Business.
  3. Chomitz, Kenneth M & Kumari, Kanta, 1998. "The Domestic Benefits of Tropical Forests: A Critical Review," World Bank Research Observer, World Bank Group, vol. 13(1), pages 13-35, February.
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