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Voluntary Conservation Of Endangered Species: When Does "No Surprises" Mean No Conservation

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  • Langpap, Christian
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    Abstract

    Voluntary conservation agreements are becoming increasingly important in implementing the Endangered Species Act on private land. We analyze when such agreements arise and what level of conservation they generate in the presence of uncertainty about future government regulation and conservation benefits. Our results suggest that the likelihood of an agreement depends on the availability of assurances regarding future regulation. In particular, an agreement may not be reached if there is a high degree of uncertainty regarding future conservation requirements. The level of conservation attainable from an agreement depends on the likelihood of regulation, the bargaining power of the parties, the irreversibility of development, and the availability of assurances. Under conditions likely to hold in practice, a higher conservation level may be achieved by offering assurances. However, this level of conservation will not be optimal, and may be lower than that attainable from regulation.

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    File URL: http://purl.umn.edu/19747
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    Bibliographic Info

    Paper provided by American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) in its series 2002 Annual meeting, July 28-31, Long Beach, CA with number 19747.

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    Date of creation: 2002
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    Handle: RePEc:ags:aaea02:19747

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    Keywords: Resource /Energy Economics and Policy;

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    1. Polasky, Stephen & Doremus, Holly, 1998. "When the Truth Hurts: Endangered Species Policy on Private Land with Imperfect Information," Journal of Environmental Economics and Management, Elsevier, vol. 35(1), pages 22-47, January.
    2. Fisher, Anthony C. & Hanemann, W. Michael, 1987. "Quasi-option value: Some misconceptions dispelled," Journal of Environmental Economics and Management, Elsevier, vol. 14(2), pages 183-190, June.
    3. Robert Innes, 2000. "The Economics of Takings and Compensation When Land and Its Public Use Value Are in Private Hands," Land Economics, University of Wisconsin Press, vol. 76(2), pages 195-212.
    4. Usategui, JoseM., 1990. "Uncertain irreversibility, information, and transformation costs," Journal of Environmental Economics and Management, Elsevier, vol. 19(1), pages 73-85, July.
    5. Lueck, Dean & Michael, Jeffrey A, 2003. "Preemptive Habitat Destruction under the Endangered Species Act," Journal of Law and Economics, University of Chicago Press, vol. 46(1), pages 27-60, April.
    6. Hanemann, W. Michael, 1989. "Information and the concept of option value," Journal of Environmental Economics and Management, Elsevier, vol. 16(1), pages 23-37, January.
    7. Arrow, Kenneth J & Fisher, Anthony C, 1974. "Environmental Preservation, Uncertainty, and Irreversibility," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 88(2), pages 312-19, May.
    8. Kip Viscusi, W., 1988. "Irreversible environmental investments with uncertain benefit levels," Journal of Environmental Economics and Management, Elsevier, vol. 15(2), pages 147-157, June.
    9. Arora Seema & Cason Timothy N., 1995. "An Experiment in Voluntary Environmental Regulation: Participation in EPA's 33/50 Program," Journal of Environmental Economics and Management, Elsevier, vol. 28(3), pages 271-286, May.
    10. Kip Viscusi, W., 1985. "Environmental policy choice with an uncertain chance of irreversibility," Journal of Environmental Economics and Management, Elsevier, vol. 12(1), pages 28-44, March.
    11. Segerson, Kathleen & Miceli, Thomas J., 1998. "Voluntary Environmental Agreements: Good or Bad News for Environmental Protection?," Journal of Environmental Economics and Management, Elsevier, vol. 36(2), pages 109-130, September.
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    Cited by:
    1. Langpap, Christian, 2003. "Conservation Of Endangered Species: Can Incentives Work For Private Landowners?," 2003 Annual meeting, July 27-30, Montreal, Canada, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) 21972, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).

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