[go: up one dir, main page]
IDEAS home Printed from https://ideas.repec.org/a/eee/ecolec/v134y2017icp212-226.html
   My bibliography  Save this article

When Does Public Information Undermine the Efficiency of Reverse Auctions for the Purchase of Ecosystem Services?

Author

Listed:
  • Messer, Kent D.
  • Duke, Joshua M.
  • Lynch, Lori
  • Li, Tongzhe
Abstract
Government agencies that conduct reverse auctions related to the Payment of Ecosystem Services (PES) traditionally provide a significant amount of public information about past auction results. This information includes not only the amount of money spent by the government but also can include various information about the accepted bids. This research uses induced-value experiments to evaluate the effect of past auction information on seller (landholder) rent seeking. Results suggest that sellers use this public information and learn how to secure higher rents. However, when sellers are given information only about the buyer's (government agency's) budget, they secure lower rents. Results also suggest that relative budget size affects rents and that budget stochastic variability in the presence of market information diminishes the effect. Thus, in the presence of public information and equivalent total outlays, variable budgets are more likely than stationary budgets to achieve auction fiscal efficiency—the measure of whether the auction achieves the greatest PES benefits given its limited budget. Finally, this research finds that auctions with greater heterogeneity in seller opportunity costs are likely to be less fiscally efficient than when the distribution is more homogeneous.

Suggested Citation

  • Messer, Kent D. & Duke, Joshua M. & Lynch, Lori & Li, Tongzhe, 2017. "When Does Public Information Undermine the Efficiency of Reverse Auctions for the Purchase of Ecosystem Services?," Ecological Economics, Elsevier, vol. 134(C), pages 212-226.
    • Handle: RePEc:eee:ecolec:v:134:y:2017:i:c:p:212-226
    DOI: 10.1016/j.ecolecon.2016.12.004
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S092180091630310X
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.ecolecon.2016.12.004?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Steven Schilizzi & Uwe Latacz-Lohmann, 2007. "Assessing the Performance of Conservation Auctions: An Experimental Study," Land Economics, University of Wisconsin Press, vol. 83(4), pages 497-515.
    2. Rassenti, Stephen J & Smith, Vernon L & Wilson, Bart J, 2003. "Discriminatory Price Auctions in Electricity Markets: Low Volatility at the Expense of High Price Levels," Journal of Regulatory Economics, Springer, vol. 23(2), pages 109-123, March.
    3. Schilizzi, Steven & Latacz-Lohmann, Uwe, 2007. "Assessing the performance of conservation auctions: an experimental study," 2007 Conference (51st), February 13-16, 2007, Queenstown, New Zealand 10436, Australian Agricultural and Resource Economics Society.
    4. Stoneham, Gary & Chaudhri, Vivek & Ha, Arthur & Strappazzon, Loris, 2003. "Auctions for conservation contracts: an empirical examination of Victoria’s BushTender trial," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 47(4), pages 1-24.
    5. Schilizzi, Steven & Latacz-Lohmann, Uwe, 2012. "Evaluating conservation auctions with unknown bidder costs: the Scottish fishing vessel decommissioning program," 86th Annual Conference, April 16-18, 2012, Warwick University, Coventry, UK 134987, Agricultural Economics Society.
    6. Michael A. Arnold & Joshua M. Duke & Kent D. Messer, 2013. "Adverse Selection in Reverse Auctions for Ecosystem Services," Land Economics, University of Wisconsin Press, vol. 89(3), pages 387-412.
    7. Paul Klemperer, 2002. "What Really Matters in Auction Design," Journal of Economic Perspectives, American Economic Association, vol. 16(1), pages 169-189, Winter.
    8. Steven Schilizzi & Uwe Latacz-Lohmann, 2012. "Evaluating Conservation Auctions with Unknown Bidder Costs: The Scottish Fishing Vessel Decommissioning Program," Land Economics, University of Wisconsin Press, vol. 88(4), pages 658-673.
    9. Jacob R. Fooks & Nathaniel Higgins & Kent D. Messer & Joshua M. Duke & Daniel Hellerstein & Lori Lynch, 2016. "Conserving Spatially Explicit Benefits in Ecosystem Service Markets: Experimental Tests of Network Bonuses and Spatial Targeting," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 98(2), pages 468-488.
    10. Jacob R. Fooks & Kent D. Messer & Joshua M. Duke, 2015. "Dynamic Entry, Reverse Auctions, and the Purchase of Environmental Services," Land Economics, University of Wisconsin Press, vol. 91(1), pages 57-75.
    11. Ronald G. Cummings & Charles A. Holt & Susan K. Laury, 2004. "Using laboratory experiments for policymaking: An example from the Georgia irrigation reduction auction," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 23(2), pages 341-363.
    12. Thilo W. Glebe, 2013. "Conservation Auctions: Should Information about Environmental Benefits Be Made Public?," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 95(3), pages 590-605.
    13. Cason, Timothy N. & Gangadharan, Lata & Duke, Charlotte, 2003. "A laboratory study of auctions for reducing non-point source pollution," Journal of Environmental Economics and Management, Elsevier, vol. 46(3), pages 446-471, November.
    14. Schilizzi, Steven & Latacz-Lohmann, Uwe, 2013. "Conservation tenders: linking theory and experiments for policy assessment," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 57(1), pages 1-23.
    15. Christian Vossler & Timothy Mount & Robert Thomas & Ray Zimmerman, 2009. "An experimental investigation of soft price caps in uniform price auction markets for wholesale electricity," Journal of Regulatory Economics, Springer, vol. 36(1), pages 44-59, August.
    16. Uwe Latacz-Lohmann & Carel Van der Hamsvoort, 1997. "Auctioning Conservation Contracts: A Theoretical Analysis and an Application," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 79(2), pages 407-418.
    17. Banerjee, Simanti & Kwasnica, Anthony M & Shortle, James S, 2011. "An Iterative Auction for Spatially Contiguous Land Management: An Experimental Analysis," Stirling Economics Discussion Papers 2011-19, University of Stirling, Division of Economics.
    18. Hellerstein, Daniel & Higgins, Nathaniel, 2010. "The Effective Use of Limited Information: Do Bid Maximums Reduce Procurement Cost in Asymmetric Auctions?," Agricultural and Resource Economics Review, Cambridge University Press, vol. 39(2), pages 288-304, April.
    19. Steven Schilizzi & Uwe Latacz-Lohmann, 2013. "Conservation tenders: linking theory and experiments for policy assessment," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 57(1), pages 15-37, January.
    20. Han Hong, 2000. "Increasing Competition and the Winner's Curse: Evidence from Procurement," Econometric Society World Congress 2000 Contributed Papers 1628, Econometric Society.
    21. Messer, Kent D. & Allen, William L., III, 2010. "Applying Optimization and the Analytic Hierarchy Process to Enhance Agricultural Preservation Strategies in the State of Delaware," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 39(3), pages 1-15, October.
    22. Bajari, Patrick & Hortacsu, Ali, 2003. "The Winner's Curse, Reserve Prices, and Endogenous Entry: Empirical Insights from eBay Auctions," RAND Journal of Economics, The RAND Corporation, vol. 34(2), pages 329-355, Summer.
    23. Shortle, James, 2013. "Economics and Environmental Markets: Lessons from Water-Quality Trading," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 42(1), pages 1-18, April.
    24. Shawhan, Daniel L. & Messer, Kent D. & Schulze, William D. & Schuler, Richard E., 2011. "An experimental test of automatic mitigation of wholesale electricity prices," International Journal of Industrial Organization, Elsevier, vol. 29(1), pages 46-53, January.
    25. Simanti Banerjee & Anthony Kwasnica & James Shortle, 2015. "Information and Auction Performance: A Laboratory Study of Conservation Auctions for Spatially Contiguous Land Management," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 61(3), pages 409-431, July.
    26. Ferraro, Paul J., 2008. "Asymmetric information and contract design for payments for environmental services," Ecological Economics, Elsevier, vol. 65(4), pages 810-821, May.
    27. Giovanna Devetag, 2003. "Coordination and Information in Critical Mass Games: An Experimental Study," Experimental Economics, Springer;Economic Science Association, vol. 6(1), pages 53-73, June.
    28. Nick Hanley & Simanti Banerjee & Gareth D. Lennox & Paul R. Armsworth, 2012. "How should we incentivize private landowners to ‘produce’ more biodiversity?," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 28(1), pages 93-113, Spring.
    29. John Rolfe & Romy Greiner & Jill Windle & Atakelty Hailu, 2011. "Testing for allocation efficiencies in water quality tenders across catchments, industries and pollutants: a north Queensland case study," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 55(4), pages 518-536, October.
    30. Robbin Shoemaker, 1989. "Agricultural Land Values and Rents under the Conservation Reserve Program," Land Economics, University of Wisconsin Press, vol. 65(2), pages 131-137.
    31. Connor, Jeffery D. & Ward, John R. & Bryan, Brett, 2008. "Exploring the cost effectiveness of land conservation auctions and payment policies," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 52(3), pages 1-17.
    32. Gary Stoneham & Vivek Chaudhri & Arthur Ha & Loris Strappazzon, 2003. "Auctions for conservation contracts: an empirical examination of Victoria's BushTender trial," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 47(4), pages 477-500, December.
    33. Vukina, Tomislav & Zheng, Xiaoyong & Marra, Michele & Levy, Armando, 2008. "Do farmers value the environment? Evidence from a conservation reserve program auction," International Journal of Industrial Organization, Elsevier, vol. 26(6), pages 1323-1332, November.
    34. Atakelty Hailu & Steven Schilizzi, 2004. "Are Auctions More Efficient Than Fixed Price Schemes When Bidders Learn?," Australian Journal of Management, Australian School of Business, vol. 29(2), pages 147-168, December.
    35. Wu, JunJie, 2014. "The Oxford Handbook of Land Economics," OUP Catalogue, Oxford University Press, number 9780199763740 edited by Duke, Joshua M..
    36. Geret S. DePiper & Nathaniel Higgins & Douglas W. Lipton & Andrew Stocking, 2013. "Auction Design, Incentives, and Buying Back Maryland and Virginia Crab Licenses," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 61(2), pages 353-370, June.
    37. John K. Horowitz & Lori Lynch & Andrew Stocking, 2009. "Competition-Based Environmental Policy: An Analysis of Farmland Preservation in Maryland," Land Economics, University of Wisconsin Press, vol. 85(4), pages 555-575.
    38. Katkar Rama & Reiley David H, 2007. "Public versus Secret Reserve Prices in eBay Auctions: Results from a Pokémon Field Experiment," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 6(2), pages 1-25, January.
    39. Han Hong & Matthew Shum, 2002. "Increasing Competition and the Winner's Curse: Evidence from Procurement," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 69(4), pages 871-898.
    40. Vincent Daniel R., 1995. "Bidding Off the Wall: Why Reserve Prices May Be Kept Secret," Journal of Economic Theory, Elsevier, vol. 65(2), pages 575-584, April.
    41. Ruben N. Lubowski & Michael J. Roberts, 2005. "How Cost-Effective Are Land Retirement Auctions? Estimating the Difference between Payments and Willingness to Accept in the Conservation Reserve Program," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 87(5), pages 1239-1247.
    42. McAfee, R Preston & McMillan, John, 1987. "Auctions and Bidding," Journal of Economic Literature, American Economic Association, vol. 25(2), pages 699-738, June.
    43. Duffy, John & Feltovich, Nick, 2002. "Do Actions Speak Louder Than Words? An Experimental Comparison of Observation and Cheap Talk," Games and Economic Behavior, Elsevier, vol. 39(1), pages 1-27, April.
    44. Timothy N. Cason & Lata Gangadharan, 2004. "Auction Design for Voluntary Conservation Programs," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 86(5), pages 1211-1217.
    45. Madhu Khanna & Amy Ando, 2009. "Science, economics and the design of agricultural conservation programmes in the US," Journal of Environmental Planning and Management, Taylor & Francis Journals, vol. 52(5), pages 575-592.
    46. Jeffery D. Connor & John R. Ward & Brett Bryan, 2008. "Exploring the cost effectiveness of land conservation auctions and payment policies ," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 52(3), pages 303-319, September.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Wallander, Steven & Hellerstein, Daniel M. & Johnsen, Reid, 2018. "Cost Effectiveness of Conservation Auctions Revisited: The Benefits of Information Rents," 2018 Annual Meeting, August 5-7, Washington, D.C. 274457, Agricultural and Applied Economics Association.
    2. Cramton, Peter & Hellerstein, Daniel & Higgins, Nathaniel & Iovanna, Richard & López-Vargas, Kristian & Wallander, Steven, 2021. "Improving the cost-effectiveness of the Conservation Reserve Program: A laboratory study," Journal of Environmental Economics and Management, Elsevier, vol. 108(C).
    3. Leah H. Palm-Forster & Paul J. Ferraro & Nicholas Janusch & Christian A. Vossler & Kent D. Messer, 2019. "Behavioral and Experimental Agri-Environmental Research: Methodological Challenges, Literature Gaps, and Recommendations," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 73(3), pages 719-742, July.
    4. Nguyen, Chi & Latacz-Lohmann, Uwe, 2023. "Assessing the performance of agglomeration bonus in budget-constrained conservation auctions," 97th Annual Conference, March 27-29, 2023, Warwick University, Coventry, UK 334544, Agricultural Economics Society - AES.
    5. Chi Nguyen & Uwe Latacz‐Lohmann & Nick Hanley, 2024. "Landscape‐level determinants of the performance of an agglomeration bonus in conservation auctions," Journal of Agricultural Economics, Wiley Blackwell, vol. 75(2), pages 592-616, June.
    6. Karsyn Lamb & Kristiana Hansen & Christopher Bastian & Amy Nagler & Chian Jones Ritten, 2019. "Investigating Potential Impacts of Credit Failure Risk Mitigation on Habitat Exchange Outcomes," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 73(3), pages 815-842, July.
    7. Thilo W. Glebe, 2022. "The influence of contract length on the performance of sequential conservation auctions," American Journal of Agricultural Economics, John Wiley & Sons, vol. 104(2), pages 739-764, March.
    8. Simanti Banerjee & Timothy N. Cason & Frans P. de Vries & Nick Hanley, 2021. "Spatial Coordination and Joint Bidding in Conservation Auctions," Journal of the Association of Environmental and Resource Economists, University of Chicago Press, vol. 8(5), pages 1013-1049.
    9. Stephanie Rosch & Sharon Raszap Skorbiansky & Collin Weigel & Kent D. Messer & Daniel Hellerstein, 2021. "Barriers to Using Economic Experiments in Evidence‐Based Agricultural Policymaking," Applied Economic Perspectives and Policy, John Wiley & Sons, vol. 43(2), pages 531-555, June.
    10. Janusch, Nicholas & Palm-Forster, Leah H. & Messer, Kent D. & Ferraro, Paul J., 2017. "Behavioral Insights for Agri-Environmental Program and Policy Design," 2018 Allied Social Sciences Association (ASSA) Annual Meeting, January 5-7, 2018, Philadelphia, Pennsylvania 266299, Agricultural and Applied Economics Association.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Banerjee, Simanti & Conte, Marc N., 2017. "Balancing Complexity and Rent-Seeking in Multi-Attribute Conservation Procurement Auctions: Evidence from a Laboratory Experiment," 2018 Allied Social Sciences Association (ASSA) Annual Meeting, January 5-7, 2018, Philadelphia, Pennsylvania 266293, Agricultural and Applied Economics Association.
    2. Sharma, Bijay P. & Cho, Seong-Hoon & Yu, T. Edward, 2019. "Designing cost-efficient payments for forest-based carbon sequestration: An auction-based modeling approach," Forest Policy and Economics, Elsevier, vol. 104(C), pages 182-194.
    3. Bruno Wichmann & Peter Boxall & Scott Wilson & Orsolya Pergery, 2017. "Auctioning Risky Conservation Contracts," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 68(4), pages 1111-1144, December.
    4. Rolfe, John & Whitten, Stuart & Windle, Jill, 2017. "The Australian experience in using tenders for conservation," Land Use Policy, Elsevier, vol. 63(C), pages 611-620.
    5. Boxall, Peter C. & Perger, Orsolya & Packman, Katherine & Weber, Marian, 2017. "An experimental examination of target based conservation auctions," Land Use Policy, Elsevier, vol. 63(C), pages 592-600.
    6. Simanti Banerjee & Anthony Kwasnica & James Shortle, 2015. "Information and Auction Performance: A Laboratory Study of Conservation Auctions for Spatially Contiguous Land Management," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 61(3), pages 409-431, July.
    7. Marc N. Conte & Robert M. Griffin, 2017. "Quality Information and Procurement Auction Outcomes: Evidence from a Payment for Ecosystem Services Laboratory Experiment," American Journal of Agricultural Economics, John Wiley & Sons, vol. 99(3), pages 571-591, April.
    8. Pengfei Liu, 2021. "Balancing Cost Effectiveness and Incentive Properties in Conservation Auctions: Experimental Evidence from Three Multi-award Reverse Auction Mechanisms," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 78(3), pages 417-451, March.
    9. Vergamini, Daniele & Viaggi, Davide & Raggi, Meri, 2020. "Evaluating the Potential Contribution of Multi-Attribute Auctions to Achieve Agri-Environmental Targets and Efficient Payment Design," Ecological Economics, Elsevier, vol. 176(C).
    10. John Rolfe & Jill Windle & Juliana McCosker, 2009. "Testing and Implementing the Use of Multiple Bidding Rounds in Conservation Auctions: A Case Study Application," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 57(3), pages 287-303, September.
    11. Frans P. Vries & Nick Hanley, 2016. "Incentive-Based Policy Design for Pollution Control and Biodiversity Conservation: A Review," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 63(4), pages 687-702, April.
    12. Marc N. Conte & Robert Griffin, 2019. "Private Benefits of Conservation and Procurement Auction Performance," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 73(3), pages 759-790, July.
    13. Valle, Haydn & Capon, Timothy & Harris, Michael & Reeson, Andrew, 2012. "Coordination and Strategic Behaviour in Landscape Auctions," 2012 Conference (56th), February 7-10, 2012, Fremantle, Australia 124466, Australian Agricultural and Resource Economics Society.
    14. Cramton, Peter & Hellerstein, Daniel & Higgins, Nathaniel & Iovanna, Richard & López-Vargas, Kristian & Wallander, Steven, 2021. "Improving the cost-effectiveness of the Conservation Reserve Program: A laboratory study," Journal of Environmental Economics and Management, Elsevier, vol. 108(C).
    15. Vergamini, Daniele & Viaggi, Davide & Raggi, Meri, 2016. "Agri-environmental measures and farmers’ rent: evaluating the potential contribution of auctions to increase the efficiency of Agri-environmental schemes in Emilia-Romagna (Italy)," 2016 Fifth AIEAA Congress, June 16-17, 2016, Bologna, Italy 242443, Italian Association of Agricultural and Applied Economics (AIEAA).
    16. Lewis, David J. & Plantinga, Andrew J. & Nelson, Erik & Polasky, Stephen, 2011. "The efficiency of voluntary incentive policies for preventing biodiversity loss," Resource and Energy Economics, Elsevier, vol. 33(1), pages 192-211, January.
    17. Lundberg, Liv & Persson, U. Martin & Alpizar, Francisco & Lindgren, Kristian, 2018. "Context Matters: Exploring the Cost-effectiveness of Fixed Payments and Procurement Auctions for PES," Ecological Economics, Elsevier, vol. 146(C), pages 347-358.
    18. John K. Horowitz & Lori Lynch & Andrew Stocking, 2009. "Competition-Based Environmental Policy: An Analysis of Farmland Preservation in Maryland," Land Economics, University of Wisconsin Press, vol. 85(4), pages 555-575.
    19. Rolfe, John & Windle, Jill, 2006. "Using Field Experiments to Explore the Use of Multiple Bidding Rounds in Conservation Auctions," Discussion Papers 25801, International Association of Agricultural Economists.
    20. Le Lan & Md Sayed Iftekhar & James Fogarty & Steven Schilizzi, 2021. "Auctions for buying back groundwater for environmental purposes: Which design performs better?," Journal of Agricultural Economics, Wiley Blackwell, vol. 72(3), pages 931-948, September.

    More about this item

    Keywords

    Reverse auctions; Purchase of ecosystem services; Conservation auctions; Auction efficiency; Land preservation;
    All these keywords.

    JEL classification:

    • C9 - Mathematical and Quantitative Methods - - Design of Experiments
    • Q28 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Government Policy
    • Q24 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Land
    • D44 - Microeconomics - - Market Structure, Pricing, and Design - - - Auctions

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:ecolec:v:134:y:2017:i:c:p:212-226. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/ecolecon .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.