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An Equilibrium Model of Habitat Conservation under Uncertainty and Irreversibility

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  • Luca Di Corato

    (Swedish University of Agricultural Sciences)

  • Michele Moretto

    (University of Padova, Fondazione Eni Enrico Mattei and Centro Studi Levi-Cases)

  • Sergio Vergalli

    (University of Brescia and Fondazione Eni Enrico Mattei)

Abstract

In this paper stochastic dynamic programming is used to investigate habitat conservation by a multitude of landholders under uncertainty about the value of environmental services and irreversible development. We study land conversion under competition on the market for agricultural products when voluntary and mandatory measures are combined by the Government to induce adequate participation in a conservation plan. We analytically determine the impact of uncertainty and optimal policy conversion dynamics and discuss different policy scenarios on the basis of the relative long-run expected rate of deforestation. Finally, some numerical simulations are provided to illustrate our findings.

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Bibliographic Info

Paper provided by Fondazione Eni Enrico Mattei in its series Working Papers with number 2010.160.

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Date of creation: Dec 2010
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Handle: RePEc:fem:femwpa:2010.160

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Related research

Keywords: Optimal Stopping; Deforestation; Payments For Environmental Services; Natural Resources Management;

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Cited by:
  1. Luca Di Corato & Michele Moretto & Sergio Vergalli, 2011. "Land Conversion Pace under Uncertainty and Irreversibility: too fast or too slow?," Working Papers 2011.84, Fondazione Eni Enrico Mattei.
  2. Di Corato, Luca, 2011. "Optimal Conservation Policy under Imperfect Intergenerational Altruism," 2011 International Congress, August 30-September 2, 2011, Zurich, Switzerland 114440, European Association of Agricultural Economists.

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