Stimulating renewable resources management

Compared with the accounting for proved reserves of nonrenewable resources valuation methods and concepts for many of the renewable resources are less well developed. Renewable natural resources are inherently more difficult to value than nonrenewable natural resources for several reasons: Renewable resources, such as stocks or schools of wild fish, often have a commercial or production value as well as an amenity or a recreational value; often, ownership rights cannot be established, and they cannot be sold; and they are able to regenerate, so their use does not necessarily result in a net reduction in either their yield or the value of their stock. These difficulties notwithstanding, there has been progress in environmental-benefit valuation for renewable natural resources in recent years as economists have tried to keep pace with regulatory, legal, and policy needs for environmental damage and impact measures.