Optimal investment to reduce the decay rate of an income stream: The case of soil conservation |
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| Authors: | Robert A Collins JC Headley |
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| Institution: | Department of Agricultural Economics, University of California, Davis, California 95616, USA;Department of Agricultural Economics, University of Missouri, Columbia, Missouri 65201, USA |
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| Abstract: | Some natural resource investments are unique from a capital theory point of view because they do not create a new income stream, but rather alter the rate of change of an existing stream of income or social benefit. The marginal conditions for such investments are explored and possible incentive methods are examined for the case of soil conservation expenditures. |
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