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.
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- 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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