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Putting theory into practice: market failure and market based instrument design

Author

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  • Whitten, Stuart M.
  • Coggan, Anthea
  • Reeson, Andrew
  • Gorddard, Russell J.

Abstract

The use of market-based instruments (MBIs) to provide and protect ecosystem services has gained significant attention in Australia. Despite their popularity, MBIs are not appropriate for the provision of all ecosystem services. Rather, MBIs must be carefully designed given the ecosystem service outcomes desired, while meeting the needs of participants. In this paper we detail the importance of a robust theoretical structure to underpin the selection and design of an MBI. In particular, we demonstrate the role of identifying and analysing the nature of the market failures present, and their implications for instrument design. Our conclusions are illustrated using several regional MBI case studies.

Suggested Citation

  • Whitten, Stuart M. & Coggan, Anthea & Reeson, Andrew & Gorddard, Russell J., 2007. "Putting theory into practice: market failure and market based instrument design," 2007 Conference (51st), February 13-16, 2007, Queenstown, New Zealand 10441, Australian Agricultural and Resource Economics Society.
    • Handle: RePEc:ags:aare07:10441
    DOI: 10.22004/ag.econ.10441
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    Cited by:

    1. Martin, Paul V., 2018. "Managing the risks of ecosystem services markets," Ecosystem Services, Elsevier, vol. 29(PB), pages 404-410.

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    Keywords

    Marketing;

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