2006 " an Introduction to Ecological-economic Modelling for Designing and Evaluating Biodiversity Conservation Policies and Strategies " , Alter- Net Summer School Organized
نویسنده
چکیده
A forest owner with hyperbolic time preferences is considered. At each period the irreversible decision to harvest an old-growth forest could be taken. Conservation is the alternative. Future amenity value flow is uncertain while the net value of stumpage timber is known and constant. The decision problem is expressed as an optimal stopping problem and solved analytically in a time-inconsistent framework. Under both the assumption of naïveté and sophistication premature harvesting occurs. To avoid socially undesirable harvesting keeping into account the impact of hyperbolic discounting a modified optimal pigovian tax on the wood revenues is finally proposed. : R O , H D , T I , N R M , T G . ! " : D81,C70,Q23,Q58
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