A theory of payment for ecosystem services (PES) pricing consistent with dynamic efficiency and sustainable income requires optimized shadow prices. Since ecosystem services are generally
A theory of payment for ecosystem services (PES) pricing consistent with dynamic efficiency and sustainable income requires optimized shadow prices. Since ecosystem services are generally interdependent, this
In his recent State-of-the-State address, Governor Abercrombie urged lawmakers to consider either an increase in the conveyance tax on high-priced real estate transactions or a
In November 2011, Governor Abercrombie and State officials launched a watershed protection plan entitled, “The Rain Follows the Forest”. The initiative’s goal is to double the
This paper develops a two-stage model for the optimal management of a potential invasive species. The arrival of an invasive species is modeled as an
We provide synthesis of the economics of groundwater with a focus on optimal management and the Pearce equation for renewable resources. General management principles developed through
We provide conditions for optimal use of multiple sources of a renewable resource and characterize the resulting extraction sequence, resource scarcity values, and (single) efficiency
We review the economics perspective on sustainable resource use and sustainable development. Under standard conditions, dynamic efficiency leads to sustainability of renewable resources but not
Pollution management based on marginal abatement costs is optimal only if those abatement costs are specified correctly. Using the example of nitrogen pollution in groundwater,