A Theoretical Model of Optimal Forest Resource Regimes in Developing Economies

Authors: Kant, Shashi; Berry, R. Albert

Source: Journal of Institutional and Theoretical Economics JITE, Volume 157, Number 2, June 2001 , pp. 331-355(25)

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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 incorporating 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.

Document Type: Research article

DOI: http://dx.doi.org/10.1628/0932456013623141

Publication date: 2001-06-01

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Founded as Zeitschrift f�r die gesamte Staatswissenschaft in 1844.

As one of the oldest journals in the field of political economy, the Journal of Institutional and Theoretical Economics (JITE) deals traditionally with the problems of economics, social policy, and their legal framework. JITE is listed in the Journal of Economic Literature, the Social Science Citation Index, the International Bibliography of the Social Sciences, and COREJ.
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