Liquidity Constraints and Deforestation: The Limitations of Payments for Ecosystem Services
研究发现，流动性约束会限制生态系统服务付费（PES）项目的有效性，即使PES收入的净现值超过机会成本，受信贷约束的森林所有者也可能拒绝参与。基于乌干达森林所有者数据的证据支持这一预测。
A popular environmental policy is to pay forest owners for avoiding deforestation on their land. This is an example of “payments for ecosystem services” (PES). This paper shows that liquidity constraints can limit the effectiveness of PES programs. If an individual would have cut down trees to sell them, his opportunity costs are more front-loaded than the stream of PES income. If credit constrained, he might decline the program even if the net present value (NPV) of the PES income exceeds the NPV of his opportunity costs. I present evidence consistent with this prediction using data on forest owners in Uganda.