Environmental Economics In Theory and Practice

The second edition of" Environmental Economics" has been fully updated and revised to take into account recent developments relating to the relationship between economics and the environment. New chapters on environmental risk, trade and the environment, and ecosystems and economics contribute to the stimulating analysis offered in this timely new edition.

List of Figures

ix

List of Tables

xii

Introduction

xiii

Acknowledgements

xv

The Economy and the Environment: Two Parts of a Whole

1

(21)

Introduction

1

(1)

Interlinkages between the economy and the environment

2

(9)

The first two laws of thermodynamics

11

(2)

Conclusions

13

(9)

Technical note: game theory

14

(8)

Market Failure

22

(36)

Introduction

22

(2)

Incomplete markets

24

(5)

Externalities

29

(8)

Non-exclusion and the commons

37

(5)

Non-rivalry and public goods

42

(4)

Non-convexities

46

(3)

Asymmetric information

49

(7)

Concluding comments

56

(2)

Economic Incentives for Environmental Protection: An Overview

58

(48)

Introduction

58

(3)

Price rationing: charges and subsidies

61

(18)

Liability rules: non-compliance fees, bonds, and deposit refunds

79

(8)

Quantity rationing: marketable permits

87

(4)

Evaluative criteria

91

(4)

Practical conditions for use of economic incentives

95

(2)

Concluding remarks

97

(9)

Technical note: mathematical programming

98

(8)

Pollution Taxes for the Efficient Control of Pollution

106

(24)

Introduction

106

(1)

Efficiency properties of a tax on emissions

107

(8)

Problems with pollution taxes

115

(13)

Conclusions

128

(2)

Tradeable Pollution Permits

130

(29)

Introduction

130

(1)

The basic theory of tradeable pollution permits

130

(9)

Research issues in tradeable permit markets

139

(16)

Conclusions

155

(4)

Transboundary Pollution Problems

159

(18)

Introduction

159

(4)

Transboundary pollution as a problem of international externalities

163

(3)

Transboundary pollution and game theory

166

(7)

Conclusions

173

(4)

An Introduction to the Economics of Natural Resource Exploitation

177

(39)

Introduction

177

(2)

Elementary capital theory

179

(3)

The maximum principle of optimal control theory

182

(7)

The application of the maximum principle to specific fishery management problems

189

(13)

The discrete-time maximum principle and dynamic programming

202

(4)

Wiener processes, Ito's processes and stochastic calculus

206

(8)

Conclusions

214

(2)

Natural Resources: Types, Classification and Scarcity

216

(11)

Natural resource types and classification

216

(1)

Measuring resource scarcity

217

(8)

Conclusions

225

(2)

An Economic Analysis of Non-renewable Natural Resources

227

(47)

Introduction

227

(1)

Market structure and the exploitation of non-renewable resources

228

(20)

Production technology and extraction costs

248

(10)

Applying the theory

258

(6)

Government policy towards non-renewable resource taxation

264

(2)

Uncertainty and the rate of resource extraction

266

(4)

Summary

270

(4)

Renewable Resource Economics

274

(61)

Introduction

274

(2)

Population growth models

276

(5)

Static models of fishery exploitation in continuous time

281

(5)

Static economic models of fisheries

286

(2)

Comparative dynamic models of fishing

288

(10)

Fisheries policy

298

(5)

Applying the theory and the discrete-time model

303

(5)

Extending the theoretical model

308

(5)

Strategic behaviour in fishery management

313

(12)

Fishing under uncertainty

325

(7)

Summary

332

(3)

The Economics of Forestry Exploitation

335

(21)

Introduction

335

(1)

The principles of commercial forestry economics

336

(4)

Multi-use forestry and the socially optimal forest rotation

340

(3)

Forestry land use and agriculture

343

(7)

Forest policies

350

(2)

The optimal forest rotation under uncertainty

352

(2)

Summary

354

(2)

The Theory of Non-market Valuation

356

(27)

Introduction

356

(1)

Measures of economic value

357

(11)

Valuing risk and ex ante measures of value

368

(4)

Issues in non-market valuation

372

(9)

Concluding comments

381

(2)

Methods for Valuing Environmental Costs and Benefits

383

(42)

Introduction

383

(1)

Direct methods of valuation

384

(20)

Indirect methods of valuation

404

(14)

Summary

418

(7)

The Economics of Sustainable Development

425

(26)

Introduction

425

(1)

Possible sustainability rules

426

(7)

Indicators of sustainability

433

(10)

The Common-Perrings model of sustainable development

443

(8)

Index

451

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Environmental Economics In Theory and Practice

Summary

Table of Contents

Supplemental Materials