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| Author: | Fischer, C. Laxminarayan, R. |
| Title: | Managing partially protected resources under uncertainty |
| Journal: | Journal of Environmental Economics and Management
2010 : MAR, VOL. 59:2, p. 129-141 |
| Index terms: | uncertainty costs taxation demand management congestion natural resources regulations |
| Language: | eng |
| Abstract: | It is commonly known that open-access leads to inefficient use of resources, while privately owned resources improve efficiency. However, the effect of enclosure and efficient management of certain resource pools on other open-access resource pools is weakly acknowledged. The problem is common to many facilities prone to congestion, including roads, parks, fisheries, antibiotics, grazing lands and wilderness areas. This article analyzes the optimal price and quantity instruments in regulating resource use in the case of uncertain congestion costs. Price instruments are found to be superior to quantity instruments, strictly when demand is not perfectly elastic. The effect of market power by resource owners on the instruments' relative efficiency is also examined. |
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