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Title:An equilibrium model of habitat conservation under uncertainty and irreversibility PDF Logo
Authors:Di Corato, Luca
Moretto, Michele
Vergalli, Sergio
Issue Date:2010
Series/Report no.:Nota di lavoro // Fondazione Eni Enrico Mattei: Sustainable development 160.2010
Abstract: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.
Subjects:Optimal Stopping
Deforestation
Payments For Environmental Services
Natural
JEL:C61
D81
Q24
Q58
Document Type:Working Paper
Appears in Collections:FEEM Working Papers, Fondazione Eni Enrico Mattei

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