The purpose of this article is to explore some considerations based on the criterion of pure economic efficiency necessary to design efficient public policy for the allocation of public-interest environmental assets. A version of the Fisher and Krutilla’s model is proposed to study the problem of natural resources’ optimal allocation under conflicts of use between conservation and development. The model is a tool to determine the best use of an urban natural environment in Bogota, Colombia. Under the scenarios of conservation-passive use, conservation-active use and partial development, the major and the best use * Articulo de investigacion. El autor agradece los comentarios de Jorge Andres Perdomo y Jesus Antonio Castro. ** Magister en Economia del Medio Ambiente y los Recursos Naturales Universidad de los Andes y Maryland University at College Park. Profesor Investigador Facultad de Economia. Universidad de los Andes. Bogota, Colombia. Correo electronico: jmendiet@uniandes.edu.co