Uncertainty in the Theory of Renewable Resource Markets
Uncertainty in the Theory of Renewable Resource Markets
复制标题
DOI：
10.2307/2297693
复制
发表时间：
1984-04
期刊：
影响因子：
--
通讯作者：
R. Pindyck
中科院分区：
文献类型：
--
作者：
R. Pindyck
大多数可再生资源存量的自然增长率在一定程度上是随机的。本文考察了这种生态不确定性对产权市场竞争均衡的影响。我们发现，随机波动增加了风险溢价的回报率，需要保持一个单位的股票在原地，我们研究的影响，资源租金的波动。实例表明，提取可以增加，减少，或保持不变的波动方差的增加，这取决于市场的“自我校正”的程度。监管影响也进行了讨论。
The natural growth rate of most renewable resource stocks is in part stochastic. This paper examines the implications of such ecological uncertainty for competitive equilibrium in a market with property rights. We show that stochastic fluctuations add a risk premium to the rate of return required to keep a unit of stock in situ, and we examine the effects of fluctuations on resource rent. Examples are used to show that extraction can increase, decrease, or be left unchanged as the variance of the fluctuations increases, depending on the extent of market "self-correction". Regulatory implications are also discussed.