Restoring the commons: optimizing the restoration of natural assets
分析了在固定预算下如何动态分配资金以最优恢复自然资产（如退化生态系统、生物多样性、污染场地和碳储量），包括何时等待自然再生、何时主动投资，并应用于欧洲生物多样性恢复基金分配。
Abstract This paper analyzes the optimal restoration of natural assets, including, for example, degraded ecosystems and biodiversity, contaminated sites, and lost carbon stocks. The focus is on dynamic allocation of a fixed budget, where the decision maker chooses the timing and level of restoration investments for each stock. The decision maker is able to rely on both costly restoration investments and on natural regeneration processes in restoration planning. We characterize the properties of any optimal solution to the dynamic allocation problem, including related waiting and investment rules, and derive conditions for when it is optimal to rely on both natural restoration processes and active, but costly, restoration. We also illustrate the model by applying it to the allocation of biodiversity restoration funds in Europe.