The government of common agricultural and forestry land is a topic that is currently enjoying a revival of interest. Many local communities have shown the ability to pursue sustainable use of natural resources thanks to their self-governed authorities. In this context the relationship between public and private interest which is established in use of the resource is a fairly controversial. The paper proposes a dynamic model to analyse the behaviour of a user of a common property resource in a "real option" framework, where the value of the right to use the resource is affected by: 1) uncertainty on the future amount of the resource; 2) entry and exit costs and 3) the number of users competitors

Abstract: Over the last decade, advocates of the interdisciplinary concept of social capital have celebrated the fact that elements of local social structures--embodied in social norms, networks and organizations--can significantly affect well-being in fishing communities. But does this concept bring anything to the study and practice of fisheries management that is not already known? This paper argues that value is added to the formation of fisheries policy by viewing elements of local social structures as a form of capital. When norms, networks and organizations are analyzed, in a microeconomic context, as potentially productive assets, they can properly be valued alongside physical, human, and natural capital. The paper details how doing so can promise to further increase the probability of sustainable use of many (but not all) local fisheries through specific investments in social capital.

sustainable development.

forward to the discussion paper Bringing down the axe on illegal logging (Australia 2006), states that there are ‘significant volumes of illegally sourced timber and timber products that continue to be imported into this country [worth] an estimated (over) $400 million’. The Finnish consultancy firm,

Abstract not found

policies for renewable resource allocation

This paper is based on material in Elíasson’s dissertation completed at the University of Washington. We would like to

explotación de una pesquería (I) ∗

(JEL codes: Q2, D00) Sustainability of renewable natural resources requires a pricing regime that can takes into account intrinsic rates of growth, heterogeneous harvesting rates, and the interdependence of species. Drawing on the theory of renewable natural resource pricing, we develop a discrete model of dynamic optimization of multiple species of renewable natural resources, along with an index of relative biodiversity. Using a sustainable yield framework, we then illustrate how interdependence can be factored within a dynamic optimization model to derive the corresponding shadow prices, and how the corresponding index of relative biodiversity will change over time. In turn, the corresponding shadow prices can be used to determine the value of harvesting permits consistent with species interdependence and sustainable growth.- 3-

Carbon dioxide emissions resulting from direct human activities, primarily fossil fuel use and land clearing, have altered the global carbon cycle. Carbon is absorbed (sequestered) by plant matter during photosynthesis, so that approximately 50 % of the dry weight of a forest’s biomass is carbon. This paper examines how payments to foresters for the carbon sequestered in their trees would affect harvesting decisions. It uses a theoretical multi-crop model adapted from the original Faustmann formula to consider different scenarios of the degree of carbon liability incurred at the time of harvest, and their impact on the length of the optimal crop rotation. These results are then contrasted with the equivalent output from a numerical model based on a simulated New South Wales Pinus radiata plantation. The finding of the paper provides an insight into which carbon sequestration payment policy would be the best at aligning public and private incentives. This paper represents work completed at the Australian National University. I am now working at the Productivity Commission. The views expressed in this paper do not necessarily reflect those of the Productivity Commission.