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Markets and the Environment is an accessible yet comprehensive introduction to environmental economics. It examines the benefits and costs of environmental protection, markets and market failures, and natural resources as capital assets. With clear explanations of fundamental concepts, it offers students a broad understanding of a wide range of environmental issues and policy approaches. Book jacket.
Nathaniel O. Keohane is Associate Professor of Economics at the Yale School of Management Sheila M. Olmstead is Assistant Professor of Environmental Economics at the Yale School of Forestry and Environmental Studies
Table of Contents
|Economics and the Environment||p. 1|
|Global Climate Change||p. 2|
|Organization and Content of This Book||p. 6|
|What We Hope Readers Will Take Away from This Book||p. 9|
|Economic Efficiency and Environmental Protection||p. 11|
|Economic Efficiency||p. 12|
|Efficiency and Environmental Policy||p. 19|
|Equating Benefits and Costs on the Margin||p. 21|
|Dynamic Efficiency and Environmental Policy||p. 27|
|The Benefits and Costs of Environmental Protection||p. 31|
|Measuring Costs||p. 31|
|Evaluating Benefits||p. 33|
|Benefit-Cost Analysis||p. 43|
|The Efficiency of Markets||p. 54|
|Competitive Market Equilibrium||p. 55|
|The Efficiency of Competitive Markets||p. 59|
|Market Failures in the Environmental Realm||p. 65|
|Public Goods||p. 70|
|The Tragedy of the Commons||p. 76|
|Managing Stocks: Natural Resources as Capital Assets||p. 84|
|Economic Scarcity||p. 85|
|Efficient Extraction in Two Periods||p. 87|
|A Closer Look at the Efficient Extraction Path||p. 90|
|The Critical Role of Property Rights||p. 94|
|Stocks that Grow: The Economics of Renewable Resource Management||p. 98|
|Economics of Forest Resources||p. 98|
|Principles of Market-Based Environmental Policy||p. 125|
|The Coase Theorem||p. 126|
|The Array of Policy Instruments||p. 129|
|How Market-Based Policies Can Overcome Market Failure||p. 133|
|Is It Preferable to Set Prices or Quantities?||p. 143|
|The Case for Market-Based Instruments in the Real World||p. 153|
|Reducing Costs||p. 154|
|Promoting Technological Change||p. 164|
|Market-Based Instruments for Managing Natural Resources||p. 168|
|Other Considerations||p. 173|
|Market-Based Instruments in Practice||p. 182|
|The U.S. Sulfur Dioxide Market||p. 183|
|Individual Tradable Quotas for Fishing in New Zealand||p. 190|
|Municipal Water Pricing||p. 195|
|Water Quality Trading||p. 198|
|Waste Management: "Pay As You Throw"||p. 199|
|Habitat and Land Management||p. 201|
|Sustainability and Economic Growth||p. 207|
|Limits to Growth?||p. 208|
|Sustainability, in Economic Terms||p. 214|
|Keeping Track: Green Accounting||p. 221|
|Are Economic Growth and Sustainability Compatible?||p. 227|
|What Does Economics Imply for Environmental Policy?||p. 230|
|The Roles of Firms, Consumers, and Governments||p. 231|
|Some Final Thoughts||p. 232|
|Discussion Questions||p. 235|
|Further Reading||p. 259|
|Table of Contents provided by Ingram. All Rights Reserved.|