Journal Article

How should we incentivize private landowners to ‘produce’ more biodiversity?

Nick Hanley, Simanti Banerjee, Gareth D. Lennox and Paul R. Armsworth

in Oxford Review of Economic Policy

Published on behalf of The Oxford Review of Economic Policy Ltd

Volume 28, issue 1, pages 93-113
Published in print January 2012 | ISSN: 0266-903X
Published online March 2012 | e-ISSN: 1460-2121 | DOI: https://dx.doi.org/10.1093/oxrep/grs002
How should we incentivize private landowners to ‘produce’ more biodiversity?

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Globally, much biodiversity is found on private land. Acting to conserve such biodiversity thus requires the design of policies which influence the decision-making of farmers and foresters. In this paper, we outline the economic characteristics of this problem, before reviewing a number of policy options, such as conservation auctions and conservation easements. We then discuss a number of policy design problems, such as the need for spatial coordination and the choice between paying for outcomes rather than actions, before summarizing what the evidence and theory developed to date tell us about those aspects of biodiversity policy design which need careful attention from policy-makers and environmental regulators.

Keywords: biodiversity; economic instruments; payments for ecosystem services; conservation auctions; agglomeration bonus; conservation easements; Q57; Q58; Q24

Journal Article.  10363 words.  Illustrated.

Subjects: Environmental Economics ; Renewable Resources and Conservation

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