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An Equilibrium Model of Habitat Conservation under Uncertainty and Irreversibility

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Author Info

  • Luca Di Corato

    ()
    (Swedish University of Agricultural Sciences)

  • Michele Moretto

    ()
    (Università di Padova)

  • Sergio Vergalli

    ()
    (Università di Brescia)

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 Dipartimento di Scienze Economiche "Marco Fanno" in its series "Marco Fanno" Working Papers with number 0122.

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Length: 41 pages
Date of creation: Dec 2010
Date of revision:
Handle: RePEc:pad:wpaper:0122

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Keywords: optimal stopping; deforestation; payments for environmental services; Natural Resources Management.;

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  1. Maestad, Ottar, 2001. "Timber trade restrictions and tropical deforestation: a forest mining approach," Resource and Energy Economics, Elsevier, Elsevier, vol. 23(2), pages 111-132, April.
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Cited by:
  1. Luca Corato & Michele Moretto & Sergio Vergalli, 2013. "Land conversion pace under uncertainty and irreversibility: too fast or too slow?," Journal of Economics, Springer, Springer, vol. 110(1), pages 45-82, September.
  2. Di Corato, Luca, 2011. "Optimal Conservation Policy under Imperfect Intergenerational Altruism," 2011 International Congress, August 30-September 2, 2011, Zurich, Switzerland, European Association of Agricultural Economists 114440, European Association of Agricultural Economists.

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