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Jahrestagung des Vereins für Socialpolitik 2010: Ökonomie der Familie >

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dc.contributor.authorWinkler, Ralphen_US
dc.contributor.authorQuaas, Martinen_US
dc.description.abstractEfficiency 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.en_US
dc.publisherVerein für Socialpolitik Frankfurt a. M.en_US
dc.relation.ispartofseriesBeiträge zur Jahrestagung des Vereins für Socialpolitik 2010: Ökonomie der Familie - Session: Optimal Resource Extraction A15-V2en_US
dc.subject.keywordrenewable resourceen_US
dc.subject.keywordstochastic modelen_US
dc.titleMarkets for Sustainable Resource Use: Auctioned Limited-Tenure Use Rights with Refundingen_US
dc.typeConference Paperen_US
Appears in Collections:Jahrestagung des Vereins für Socialpolitik 2010: Ökonomie der Familie

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