生态环境资源定价与补偿机制设计:一种实物期权方法

本文区分了确定性和不确定性条件下生态环境资源的定价与补偿机制的关系.在不确定性条件下,生态环境资源有不可逆性,往往会产生沉淀成本,由此产生期权价值,难以依靠传统的边际成本定价实现生态环境资源补偿,往往造成资源投资补偿不足.如果生态环境资源具有完全可逆性,那么就不会存在资源破坏和环境恶化问题.正是由于生态资源环境具有显著的不可逆性,沉淀成本普遍存在,特别是在未来不确定性的条件下,需要考虑期权价值对生态环境资源定价的影响,从而发现资源定价的根本原则在于生态环境资源价格中需要包括期权价值,特别是资源消耗导致未来资源消耗的减少.否则,由于期权价值没有进入生态环境资源价格里,很容易造成过度或掠夺开采生态资源.因此,合理的生态环境资源定价是建立生态环境资源补偿机制最根本的制度保障,也是市场完善的重要体现.

Ecological Environment Pricing and Recovery Mechanism Design:A Real Option Approach

The article is mainly to distinguish from the pricing of ecological environment under the certainty and uncertainty in terms of irreversible costs. The ecological environment is concerned with irreversibility, and often results in the sunk costs and its optional value. Based on the traditional marginal pricing,the ecological resource is difficult to realize the cost recovery. Hence the environment is so bad to affect the relationships between the nature and human society. If the ecological resource is perfectly reversible, then the environment destruction does not exist. Because of the sunk costs and uncertainty, sunk costs have a great effect on the pricing. By means of optional value, the opportunity cost of wait, the sunk costs and uncertainty influence the investment behavior arising from the pricing, including optional value. In principle we provide the pricing recovery mechanism to the ecological environment, including optional value, which mainly reduces or recovers the amounts of sunk(irreversible) costs, or realizes the market price equilibrium. Otherwise it creates the insufficient compensation and resource shortage, leading to the resource market imperfection,characterized by over-exploring of the ecological resource. Hence the basic guideline is to perfect the resource price system.