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This is a revised version of a paper originally prepared for the UNU-WIDER conference on Fragile States–Fragile Groups, directed by Mark McGillivray and Wim Naudé. The conference was jointly organized by UNU-WIDER and UN-DESA, with a financial contribution from the Finnish Ministry for Foreign Affairs. UNU-WIDER gratefully acknowledges the contributions to(More)
Does privatisation have a role in world forestry sustainable management? Is privatisation policy valid for the forestry sector? This paper is aimed to the identification of opportunities and risks of forests privatisation in developing countries. Given the above background, privatisation may be defined as the problem of delimiting the extent of what is(More)
In this paper we model concession contracts between a public and a private party, under dynamic uncertainty arising both from the volatility of the cash flow generated by the project and by the strategic behaviour of the two parties. Under these conditions we derive three notions of equilibrium price and apply the model to a case study for one of the most(More)
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