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| Author: | Chambers, C. Chambers, P. Whitehead, J. |
| Title: | Conservation organizations and the option value to preserve: an application to debt-for-nature swaps |
| Journal: | Ecological Economics
1994 : FEB, VOL. 9:2, p. 135-144 |
| Index terms: | ECOLOGY ORGANIZATIONS CONSERVATION |
| Language: | eng |
| Abstract: | This paper presents an analytical model of the option to preserve environmental goods motivated by the existence of debt-for-nature swaps. Conservation organizations' option value arises from the option to reject or accept the terms of a bargain concerning the exchange of the debt holding of a conservation organization for land preservation. From the resulting closed form solution of the option to preserve, simulations are performed showing the importance of the conservation organization's willingness to pay for preservation and the correlation between the willingness to pay and the value of the asset to be exchanged on the option value. |
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