The strong link between poverty, natural resources and the environment is apparent in smallholder agriculture: farmers are making repeated land use and management decisions while facing diverse resource endowments and significant environmental constraints on production. To investigate the likely...

Dynamic adjustment is an integral part of natural resource economics. Commonly, capital is assumed to respond instantaneously to changes in profits, while in reality adjustment may take place only with a time lag. In this paper, an empirical analysis of capital (boat) dynamics in the North Sea...