We examine the dynamic management of a soil resource—the issue at the core of both environmental and development challenges in developing countries. Our theoretical framework extends the traditional bioeconomic model of renewable resources to soil carbon management and investigates the effects...

"Fisher (1904, p. 387) defined capital as "a stock (of wealth or property, or the value of either) existing at an instant of time." Fisher's conception of capital is inextricably linked to time. The value of a capital asset is derived from its potential to provide a flow of benefits through the...