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Renewable Resource Policy When Distributional Impacts Matter

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  • Richard Horan
  • James Shortle
  • Erwin Bulte

Abstract

The standard assumption in bioeconomic resource models is that optimal policies maximize the present value of economic surplus to society. This assumption implies that regulatory agencies should not be concerned with the distributional consequences of management strategies. Both contemporary welfare-theoretic and rent-seeking approaches suggests distributional issues are important in designing resource management policies. This paper explores resource management when the managing agency has preferences defined over the economic welfare of various groups with a direct economic interest in the use of resources. Policy schemes consistent with this approach are derived and compared with standard results. Copyright Kluwer Academic Publishers 1999

Suggested Citation

  • Richard Horan & James Shortle & Erwin Bulte, 1999. "Renewable Resource Policy When Distributional Impacts Matter," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 14(2), pages 191-215, September.
  • Handle: RePEc:kap:enreec:v:14:y:1999:i:2:p:191-215
    DOI: 10.1023/A:1008359115385
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    References listed on IDEAS

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    11. Clark, Colin W & Clarke, Frank H & Munro, Gordon R, 1979. "The Optimal Exploitation of Renewable Resource Stocks: Problems of Irreversible Investment," Econometrica, Econometric Society, vol. 47(1), pages 25-47, January.
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    Cited by:

    1. Athanasios Kampas & Richard Horan, 2016. "Second-best pollution taxes: revisited and revised," Environmental Economics and Policy Studies, Springer;Society for Environmental Economics and Policy Studies - SEEPS, vol. 18(4), pages 577-597, October.

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    Keywords

    optimal control; policy design; public choice;

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