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Putting Theory into Practice: Market Failure and Market Based Instruments (MBIs)

Author

Listed:
  • Stuart Whitten
  • Anthea Coggan
  • Andrew F Reeson
  • Russell Gorddard

    (CSIRO Sustainable Ecosystems, Australia)

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

  • Stuart Whitten & Anthea Coggan & Andrew F Reeson & Russell Gorddard, 2007. "Putting Theory into Practice: Market Failure and Market Based Instruments (MBIs)," Socio-Economics and the Environment in Discussion (SEED) Working Paper Series 2007-02, CSIRO Sustainable Ecosystems.
    • Handle: RePEc:cse:wpaper:2007-02
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    File URL: http://www.csiro.au/files/files/pf3h.pdf
    File Function: First version, 2007
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    Citations

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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.

    More about this item

    Keywords

    Market Based Instruments (MBIs); ecosystem services; conservation;
    All these keywords.

    JEL classification:

    • Q57 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Ecological Economics

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