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The market for conservation and other hostages

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  • Harstad, Bård

Abstract

A “conservation good” (such as a tropical forest) is owned by a seller who is tempted to consume (or cut), but a buyer benefits more from conservation. The seller prefers to conserve if the buyer is expected to buy, but the buyer is unwilling to pay as long as the seller conserves. This contradiction implies that the market for conservation cannot be efficient and conservation is likely to fail. A leasing market is inefficient for similar reasons and dominates the sales market if and only if the consumption value and the buyer's protection cost are large. The theory thus explains why optimal conservation often fails and why conservation abroad is leased, while domestic conservation is bought.

Suggested Citation

  • Harstad, Bård, 2016. "The market for conservation and other hostages," Journal of Economic Theory, Elsevier, vol. 166(C), pages 124-151.
    • Handle: RePEc:eee:jetheo:v:166:y:2016:i:c:p:124-151
    DOI: 10.1016/j.jet.2016.07.003
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    Cited by:

    1. Estelle Cantillon & Aurélie Slechten, 2023. "Market Design for the Environment," NBER Chapters, in: New Directions in Market Design, National Bureau of Economic Research, Inc.
    2. Georgy Egorov & Bård Harstad, 2017. "Private Politics and Public Regulation," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 84(4), pages 1652-1682.
    3. Suzi C. Kerr, 2013. "The Economics of International Policy Agreements to Reduce Emissions from Deforestation and Degradation," Review of Environmental Economics and Policy, Association of Environmental and Resource Economists, vol. 7(1), pages 47-66, January.
    4. Frederick van der Ploeg, 2013. "Cumulative Carbon Emissions and the Green Paradox," Annual Review of Resource Economics, Annual Reviews, vol. 5(1), pages 281-300, June.
    5. Bård Harstad, 2020. "Trade and Trees: How Trade Agreements Can Motivate Conservation Instead of Depletion," CESifo Working Paper Series 8569, CESifo.
    6. Kuralbayeva, Karlygash, 2021. "Forest carbon offsets over a smart ledger," SocArXiv hxtkg, Center for Open Science.
    7. Heidi Gjertsen & Theodore Groves & David A Miller & Eduard Niesten & Dale Squires & Joel Watson, 2021. "Conservation Agreements: Relational Contracts with Endogenous Monitoring," The Journal of Law, Economics, and Organization, Oxford University Press, vol. 37(1), pages 1-40.
    8. Florian K. Diekert & Emmi Nieminen, 2017. "International Fisheries Agreements with a Shifting Stock," Dynamic Games and Applications, Springer, vol. 7(2), pages 185-211, June.
    9. Schopf, Mark & Voss, Achim, 2019. "Bargaining over natural resources: Governments between environmental organizations and extraction firms," Journal of Environmental Economics and Management, Elsevier, vol. 97(C), pages 208-240.
    10. Chiara Ravetti & Tania Theoduloz & Giulia Valacchi, 2016. "Energy, trade and innovation: the tragedy of the locals," CIES Research Paper series 41-2016, Centre for International Environmental Studies, The Graduate Institute.
    11. Harstad, Bård, 2016. "The market for conservation and other hostages," Journal of Economic Theory, Elsevier, vol. 166(C), pages 124-151.
    12. Bård Harstad, 2020. "The Conservation Multiplier," CESifo Working Paper Series 8283, CESifo.
    13. Heidi Gjertsen & Theodore Groves & David A. Miller & Eduard Niesten & Dale Squires & Joel Watson, 2014. "A Contract-theoretic Model of Conservation Agreements," World Scientific Book Chapters, in: Kaddour Hadri & William Mikhail (ed.), Econometric Methods and Their Applications in Finance, Macro and Related Fields, chapter 15, pages 425-455, World Scientific Publishing Co. Pte. Ltd..
    14. May, Peter H. & Soares-Filho, Britaldo Silveira & Strand, Jon, 2013. "How much is the Amazon worth ? the state of knowledge concerning the value of preserving amazon rainforests," Policy Research Working Paper Series 6668, The World Bank.
    15. Naime, Julia & Angelsen, Arild & Rodriguez-Ward, Dawn & Sills, Erin O., 2024. "Participation, anticipation effects and impact perceptions of two collective incentive-based conservation interventions in Ucayali, Peru," Ecological Economics, Elsevier, vol. 217(C).

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    More about this item

    Keywords

    Conservation; Dynamic games; Sales v rental markets; Deforestation; Market failure; Time inconsistency;
    All these keywords.

    JEL classification:

    • D78 - Microeconomics - - Analysis of Collective Decision-Making - - - Positive Analysis of Policy Formulation and Implementation
    • D62 - Microeconomics - - Welfare Economics - - - Externalities
    • H87 - Public Economics - - Miscellaneous Issues - - - International Fiscal Issues; International Public Goods
    • Q30 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - General
    • Q23 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Forestry

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