Sustainability and efficiency are potentially conflicting social objectives in natural resource management. We propose a market mechanism to allocate use rights over a stochastic resource to private managers. The mechanism endogenously determines the maximal tenure length guaranteeing that the...

"The book, Sustainability and Resources: Theoretical Issues in Dynamic Economics, presents a collection of mathematical models dealing with sustainability and resource management. The focus in Part A is on harvesting renewable resources, while Part B explores the optimal extraction of...

This book, based on lectures on natural and environmental resource economics, offers a nontechnical exposition of the modern theory of sustainability in the presence of resource scarcity. It applies an alternative take on environmental economics, focusing on the economics of the natural...