[Formula: see text] [ Martin A. J. Parry ] The balance between the supply and demand of the major food crops is fragile, fueling concerns for long‐term global food security. The rising population, increasing wealth and a proliferation of non‐food uses (e.g. bioenergy) has led to growing demands on agriculture, while increased production is limited by greater urbanization, and the degradation of land. Furthermore, global climate change with increasing temperatures and lower, more erratic rainfall is projected to decrease agricultural yields.

This study develops a theoretical and empirical framework for optimal conservation planning using satellite land cover data and economic data from a farm survey. A case study is presented for a region within the South‐west Australia Biodiversity Hotspot (Nature 403, 853). This Biodiversity Hotspot is a focus for conservation investment as it combines a relatively high level of biodiversity with severe threat to the biodiversity from agriculture. The conservation planning model developed determines the optimal set of bush fragments for conservation.

The thesis of this article is that the now extensive contemporary literature on the economics of property rights has generated more heat than light. Economists have invoked at least five distinct theories of ownership or property rights in their work. Unfortunately, authors frequently fail to acknowledge the existence of competing theories of property rights that stand as conceptual rivals to the theory that they, often implicitly, invoke.