Uncertainty in the Theory of Renewable Resource Markets
研究生态不确定性对产权市场中可再生资源竞争均衡的影响，发现随机波动会为资源存量增加风险溢价，并影响资源租金，提取量变化取决于市场自我修正程度。
The natural growth rate of most renewable resource stocks is in part stochastic. This paper examines the implications of such ecological uncertainty for competitive equilibrium in a market with property rights. We show that stochastic fluctuations add a risk premium to the rate of return required to keep a unit of stock in situ, and we examine the effects of fluctuations on resource rent. Examples are used to show that extraction can increase, decrease, or be left unchanged as the variance of the fluctuations increases, depending on the extent of market "self-correction". Regulatory implications are also discussed.