| Sinn, Hans-Werner (1982): The economic theory of species extinction: Comment on smith. In: Journal of Environmental Economics and Management, Vol. 9, No. 2: pp. 194-198 |
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External fulltext: http://www.sciencedirect.com/science/article/B6WJ6-4CYH3B6-P4/2/6148428d359211bd6f468a1bee5fbf3c
Abstract
A widely recognized article by Smith suggests that harvesting leading to species extinction may be socially optimal, provided that the species growth-potential is sufficiently low. It is shown that this conclusion hinges on special assumptions about harvest technology which, despite a superficial compatibility with neoclassical production theory, contradict a basic postulate of a pioneering article by Gordon. As soon as Gordon’s postulate is taken into account, while all other aspects of Smith’s model are maintained, it turns out that even a species with a very low growth potential should not become extinct.
| Item Type: | Journal article |
|---|---|
| Faculties: | Economics Economics > Chairs > Chair for Public Economics |
| Subjects: | 300 Social sciences > 330 Economics |
| Language: | English |
| ID Code: | 19907 |
| Deposited On: | 15. Apr 2014 08:54 |
| Last Modified: | 29. Apr 2016 09:17 |
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