Renewable resource policy when distributional impacts matter

Citation
Rd. Horan et al., Renewable resource policy when distributional impacts matter, ENVIRON R E, 14(2), 1999, pp. 191-215
Citations number
42
Categorie Soggetti
Economics
Journal title
ENVIRONMENTAL & RESOURCE ECONOMICS
ISSN journal
09246460 → ACNP
Volume
14
Issue
2
Year of publication
1999
Pages
191 - 215
Database
ISI
SICI code
0924-6460(199909)14:2<191:RRPWDI>2.0.ZU;2-3
Abstract
The standard assumption in bioeconomic resource models is that optimal poli cies maximize the present value of economic surplus to society. This assump tion implies that regulatory agencies should not be concerned with the dist ributional consequences of management strategies. Both contemporary welfare -theoretic and rent-seeking approaches suggests distributional issues are i mportant in designing resource management policies. This paper explores res ource management when the managing agency has preferences defined over the economic welfare of various groups with a direct economic interest in the u se of resources. Policy schemes consistent with this approach are derived a nd compared with standard results.