|
EconStor >
Verein für Socialpolitik >
Jahrestagung des Vereins für Socialpolitik 2010 (Kiel): Ökonomie der Familie >
Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/37366
|
| | |
| Title: | | Markets for Sustainable Resource Use: Auctioned Limited-Tenure Use Rights with Refunding  |
| Authors: | | Winkler, Ralph Quaas, Martin |
| Issue Date: | | 2010 |
| Series/Report no.: | | Beiträge zur Jahrestagung des Vereins für Socialpolitik 2010: Ökonomie der Familie - Session: Optimal Resource Extraction A15-V2 |
| Abstract: | | Efficiency and sustainability often clash if limited-tenure use rights for renewable natural resources are rented to private resource managers. We introduce a mechanism reconciling these two issues for a stochastically developing natural resource. The mechanism selects the most patient and, thus, most sustainably harvesting resource manager in a second-price sealed-bid auction with minimum bids and it overcomes the incentive to mine the resource at the end of tenure by announcing a refund if a sustainability goal is obeyed. In addition, the mechanism ensures efficiency and is self-financing in expectation. |
| Subjects: | | auctioning-refunding-mechanism efficiency renewable resource stochastic model sustainability |
| JEL: | | Q20 D44 D82 |
| Document Type: | | Conference Paper |
| Appears in Collections: | | Jahrestagung des Vereins für Socialpolitik 2010 (Kiel): Ökonomie der Familie
|
| |
| | |
Download bibliographical data as:
BibTeX
|
| |
Share on:http://hdl.handle.net/10419/37366
|
Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.
|