Investor Presentaiton

2) ICMS-E - theoretical functioning - a simplification to generate hypothesis Y Y₂ Y3 Y₁ A B local governments' spending behavior under budget constraints Hypothesis an increase in municipal budget leads to increased spending on nature conservation and other public goods or services especially, if protected areas become a source of income via EFT - an increase is to be expected U BC1 BC₂ BC3 0 X X₂ X₁ authors' model based on Boadway / Shah 2009 HELMHOLTZ CENTRE FOR ENVIRONMENTAL RESEARCH - UFZ

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