The ecological and economic significance of protected areas cannot be controverted. Also indisputable is the fact that to establish and successfully manage protected areas, international cooperation is indispensable for most jurisdictions. This is because such a task entails colossal financial...

This project analyzes how a principal can motivate an agent to conserve rather than exploit a depletable resource. This dynamic problem is relevant for tropical deforestation as well as for other environmental problems. It is shown that the smaller is the agent's discount factor (e.g., because...

This project analyzes how a principal can motivate an agent to conserve rather than exploit a depletable resource. This dynamic problem is relevant for tropical deforestation as well as for other environmental problems. It is shown that the smaller is the agent's discount factor (e.g., because...