Environmental Economics In Theory and Practice

by Hanley, Nick; Shogren, Jason F.; White, Ben

• ISBN13: 9780195212556
• ISBN10: 019521255X
• Format: Paperback
• Copyright: 1996-11-14
• Publisher: Oxford University Press

Summary

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.

Table of Contents

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