Recently, natural capital has gained the attention of researchers and policymakers to promote sustainability. Previous studies have investigated the value of ecosystem services with respect to specific areas or species. Other studies have investigated the value of various types of ecosystem...

Heterogeneity is considered harmful for cooperation in common-pool resource extraction. In this study, we focus on the heterogeneity of users and communication, among the factors related to the success that are organized as Ostrom’s enabling conditions. We use laboratory experiments to...

Paper removed by author 02/04/09.

Transferable allowance management systems are receiving increased attention from fishery managers and stakeholders alike. We use a laboratory experiment in which human subjects play the role of fishers to evaluate the promised economic efficiency of tradable allowance systems. In an experiment...

Agriculture conventionally supplies food, fiber and fuel that consumers can purchase through the market. With the right incentives, farmers can also provide ecosystem services such as wildlife habitat, climate regulation, surface water flows and waste absorption and breakdown. Such incentives...

Paper removed by author 02/04/09.

The objective of this paper is to illustrate that economic institutions matter, i.e., that different rules of trade present different incentives for bidding, asking, and trading in new markets, and that these different incentives lead to different price discovery patterns, which yield materially...