Whilemarket

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Unformatted text preview: a natural system to account for natural capital stocks and leads to more ecological, sound management techniques. Definitions Irreversibility: Situations where future effort cannot correct for current or past damage. Death is irreversible. Uncertainty: Lack of knowledge about the performance of economic and ecological system. Uncertainty requires (1) learning and (2) caution in action. Adaptive management: Resource utilization approach that entails constant learning and reassessment. Modern approach to Modern development projects development “Feedback” is a key in adaptive management strategies. Actions are taken (new technologies are tried and new incentives are introduced) to observe response which will lend to improving future policies. Traditional management policies devise “open loop” systems that are designed to produce the best policies under average future conditions. New managementtechniques (adaptive management) are close loop strategies that experiment identifying states and natures and then make adjustments. Modern approach to Modern development projects continued development In the past many resource management projects emphasized “structural solution.” The best solution to a perceived water shortage was a water diversion project. Now the emphasis is on nonstructural solution­­ introduction of an institution or incentive to modify behavior (for example, water markets). While “market failure” may be the cause for many pollution problems, lack of markets and property rights may be the source for other concerns. Modern approach to Modern development projects continued development Water is mainly allocated by queues (water rights), and water ri...
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