Alston, Lee J.; Andersson, Krister; Smith, Steven M. - In: Annual Review of Resource Economics 5 (2013) 1, pp. 139-159
The use of payment for environmental services (PES) is not a new type of contract, but PES programs have become more in vogue because of the potential for sequestering carbon by paying to prevent deforestation and degradation of forestlands. We provide a framework utilizing transaction costs to...