In the past decade, market based instruments (MBIs) have become more frequently applied for natural resource and environmental management purposes. MBIs comprise a range of instruments used to provide economic incentives/disincentives (e.g. by altering market prices, setting a cap or altering...

As market-based instruments (MBIs) become a buzzword, there is an emerging expectation among policy makers and natural resource managers that MBIs should be more widely adopted. However, without the change of existing ideas and institutions, governments tend to continue to use the default...