We study the socially optimal design of forest royalty and enforcement instruments in the case where concessions are allocated by a government, illegal logging incentives are present, and the government has available both area-based and value-based royalty instruments. When harvesters are risk...

The authors incorporate a renewable resource into an overlapping generations model with standard, well behaved utility and constant returns to scale production functions. Besides being a factor of production the resource serves as a store of value. They characterize dynamics, efficiency and...

The authors incorporate a renewable resource into an overlapping generations model with standard, well behaved utility and constant returns to scale production functions. Besides being a factor of production the resource serves as a store of value. They characterize dynamics, efficiency and...