Theoretical Issues in Using Offsets for Managing Biodiversity
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Analysis of environmental problems involves addressing some of
the complexities of economics that arise when departures are
contemplated from the theory of perfectly competitive markets and
its assumptions of allocated, appropriable property rights. It is
currently fashionable to advocate the use of market based
instruments, including offsets, to solve environmental problems. In
this paper, the theoretical issues involved in using offsets are
examined and illustrated in relation to biodiversity management. It
is argued that, although offsets schemes have been successfully
developed for pollution markets, there are considerably greater
challenges in designing them for efficient and widely applicable
biodiversity management.