A Bioeconomic Analysis of the Duration of Conservation Contracts
AbstractConservation and restoration of native vegetation is often a gradual process which may require many years to transform an ecosystem from one vegetative state to a target ecosystem. This process is stochastic, with some changes potentially irreversible. In contrast, contracts with landholders to undertake conservation measures on their property are typically for less than ten years and often make no contingencies for re-contracting at the end of the contract period. The risk to land holders and conservation agencies of contracts not being renewed and the consequent potential loss of previous investment means including covenants in conservation contracts may be attractive to both parties. A model is developed to empirically examine the optimal dynamic conservation contract and the possible role of covenants in the costs and benefits of contracts.
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Bibliographic InfoPaper provided by Australian Agricultural and Resource Economics Society in its series 2007 Conference (51st), February 13-16, 2007, Queenstown, New Zealand with number 9457.
Date of creation: 2007
Date of revision:
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POMDP; biodiversity; contracts; monitoring; Resource /Energy Economics and Policy;
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