Stock Externality vs. Symbiosis in a Forest-Air System
Stock externalities and ecological interaction have similar equilibrium effects. The influence on the dynamics of an ecosystem, however, is quite different. The different effects are laid out theoretically in the context of a forest-air model. We compare a centralized, welfare-maximizing policy and decentralized policies. Finally, we numerically simulate the dynamic differences between stock externalities and ecological interaction. Copyright Kluwer Academic Publishers 2001
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Volume (Year): 20 (2001)
Issue (Month): 3 (November)
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- Ben White, 2000. "A Review of the Economics of Biological Natural Resources," Journal of Agricultural Economics, Wiley Blackwell, vol. 51(3), pages 419-462.
- Fischer, Ronald D. & Mirman, Leonard J., 1992. "Strategic dynamic interaction : Fish wars," Journal of Economic Dynamics and Control, Elsevier, vol. 16(2), pages 267-287, April.
- Fischer, Ronald D. & Mirman, Leonard J., 1996. "The Compleat Fish Wars: Biological and Dynamic Interactions," Journal of Environmental Economics and Management, Elsevier, vol. 30(1), pages 34-42, January.
- Smith, Vernon L., 1977. "Control theory applied to natural and environmental resources an exposition," Journal of Environmental Economics and Management, Elsevier, vol. 4(1), pages 1-24, March.
- Berck, Peter, 1981. "Optimal management of renewable resources with growing demand and stock externalities," Journal of Environmental Economics and Management, Elsevier, vol. 8(2), pages 105-117, June.
- Hartman, Richard, 1976. "The Harvesting Decision When a Standing Forest Has Value," Economic Inquiry, Western Economic Association International, vol. 14(1), pages 52-58, March.
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