Estimating the Value of Oil Capital in a Small Open Economy: the Venezuela’s Example

The paper focuses in the calculation of the oil capital value in a small open economy depending on oil rents. The Venezuelan case is used as an example. In valuing the oil capital, two issues are recalled and discussed: how should the exploration costs and the capital gains be treated? It is shown that the estimations vary significantly depending on which set of assumptions are made about the way to account for them and the assumptions made about how the economy functions. It is argued that during the studied period the value of the Venezuelan stock of oil capital has increased, and it has done so faster than the population.Venezuela, Oil Capital, Capital Gains, Exploration Costs, Property Rights

Política económica y recursos naturales: el caso de Saint Thomas, una economía turística caribeña

La exitosa práctica de una política económica para desarrollar el turismo en la pequeña isla caribeña de Saint Thomas condujo al crecimiento sostenido de su economía durante más de tres décadas. Paralelamente se produjeron cambios en el ambiente que socavan la base natural de recursos necesaria para sustentar su desarrollo y cambios socio políticos adversos al desarrollo con equidad. La serie de interrogantes al final del texto pretenden conducir la discusión hacia un análisis más profundo sobre las fallas del mercado y de la política que explicarían los cambios adversos del ambiente que acompañaron al crecimiento económico

Ecological functions and economic value of the Neotropic Cormorant (Phalacrocorax brasilianus) in Los Olivitos Estuary, Venezuela

We present the ecological functions of cormorants and estimate the economic value of these functions to artisanal fishermen, as a valuation exercise for Neotropic Cormorants at Los Olivitos Estuary, Lake Maracaibo, Venezuela. Ecological functions were based on estimating the abundance, distribution and diet of cormorants; economic values were attached to a selection of goods, services and attributes. Based on available information, we selected four ecological–economic functions of cormorants: harvesting for food; contributors to fish diversity; indicators of fish schools; and contributors to fish biomass, due to guano production. Cormorants consumed nine commercial fish species. Mean consumption was 225 g/ind/day. All ecological–economic functions were positive except for the role as contributors to fish biomass. Total value of the cormorant population to fishermen was $5,429,703/year. Unlike many studies, our results show that Neotropic Cormorants have a negligible impact on artisanal fisheries. We emphasize the importance of these results for management policies.