| Amitrajeet A. Batabyal and E. Bruce Godfrey |
| Authors are Arthur J. Gosnell Professor, Economics Department, Rochester Institute of Technology, Rochester, New York 14623-5604, and Professor, Economics Department, Utah State University, Logan, Ut. 84322-3530. At the time of the research, the senior author was Associate Professor, Economics Department, Utah State University, Logan, Ut. |
Abstract |
| A conceptual approach is commonly needed to provide guidance for developing new strategies concerning the use and management of renewable resources such as rangelands. The theoretical model constructed in this paper captures the essential aspects of dynamic and stochastic issues associated with the management of rangelands. We discuss the connections between the model and range policy. Specifically, we point out scenarios in which there is a limited role for policy. This is compared to scenarios when policy has a significant role to play in ensuring the sustainable use of rangelands. Finally, we suggest 2 ways in which our approach might be extended and used in a practical application. |
| Key Words: dynamic, policy, resource, stochastic |