Putting theory into practice: market failure and market based instrument design

摘要: The use of market-based instruments (MBIs) to provide and protect ecosystem services has gained significant attention in Australia. Despite their popularity, MBIs are not appropriate for the provision all services. Rather, must be carefully designed given service outcomes desired, while meeting needs participants. In this paper we detail importance a robust theoretical structure underpin selection design an MBI. particular, demonstrate role identifying analysing nature market failures present, implications instrument design. Our conclusions illustrated using several regional MBI case studies.