A Theoretical Model of Optimal Forest Resource Regimes in Developing Economies

Shashi Kant and R. Albert Berry

Journal of Institutional and Theoretical Economics (JITE), 2001, vol. 157, issue 2, 331-355

Abstract: The standard economic theory of natural-resource management has its roots in a conventional economic theory of commons that overlooked the role of institutional structures and the transaction costs. Hence, it has not been able to explain cases of successful management of forests as common property. An economic model in-corporating the role of transaction costs has been developed. A mathematical form that can represent the general nature of a transaction function is suggested. Static models for separable and nonseparable transformation and transaction functions are discussed. The possibility of different resource regimes being optimal in different socioeconomic conditions is highlighted.

JEL-codes: K11 Q23 (search for similar items in EconPapers)
Date: 2001
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Citations: View citations in EconPapers (6)

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