Investigating New Approaches: A Review of Natural Resource Management Pilots and Programs in Australia that Use Market-based Instruments

This paper is a review of current conceptual work, pilot schemes and Market Based Instrument programs being undertaken in Australia.Twenty four programs were surveyed regarding the market failures being addressed, market mechanisms being used, commodity definition, details of buyers and sellers, impediments faced, and their transferability to other environments or locations. The survey focused on the way in which the programs conceptualise and deal with the elements of MBIs, possible extensions to existing MBI pilots and their potential applicability to new situations (new locations or a new component of the environment). The paper focuses on programs involving trading.