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Targeting Tools for the Purchase of Environmental Amenities
Bruce A. Babcock, P. G. Lakshminarayan, JunJie Wu and David Zilberman
Vol. 73, No. 3 (Aug., 1997), pp. 325-339
Published by: University of Wisconsin Press
Stable URL: http://www.jstor.org/stable/3147171
Page Count: 15
You can always find the topics here!Topics: Variable costs, Cost efficiency, Economic benefits, Cost benefit ratio, Agricultural land, Economic costs and benefits, Groundwater, Sustainable agriculture, Land economics, Wildlife habitats
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Use of suboptimal targeting tools to acquire environmental benefits is more the norm than the exception. We analyze how the joint spatial distribution of costs and environmental benefits affect efficiency losses from following targeting rules based on cost or benefits, rather than based on the benefit to cost ratio. Using analytical and numerical models, we demonstrate that the relative variability of costs and benefits and the correlation between the two are primary determinants of efficiency losses. We apply our framework to renewal of Conservation Reserve Program contracts and estimate how well alternative targeting tools obtain environmental benefits under reduced budgets.
Land Economics © 1997 Board of Regents of the University of Wisconsin System