Putting Theory into Practice: Market Failure and Market Based Instruments (MBIs)
AbstractThe 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.
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Bibliographic InfoPaper provided by CSIRO Sustainable Ecosystems in its series Socio-Economics and the Environment in Discussion (SEED) Working Paper Series with number 2007-02.
Length: 43 pages
Date of creation: May 2007
Date of revision:
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Market Based Instruments (MBIs); ecosystem services; conservation;
Find related papers by JEL classification:
- Q57 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Ecological Economics
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