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An Equilibrium Model of Habitat Conservation under Uncertainty and Irreversibility

  • Luca Di Corato

    ()

    (Swedish University of Agricultural Sciences)

  • Michele Moretto

    ()

    (Università di Padova)

  • Sergio Vergalli

    ()

    (Università di Brescia)

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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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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  1. Maestad, Ottar, 2001. "Timber trade restrictions and tropical deforestation: a forest mining approach," Resource and Energy Economics, Elsevier, vol. 23(2), pages 111-132, April.
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