Applying Economics to the Environment by Clifford S. RussellApplying Economics to the Environment by Clifford S. Russell

Applying Economics to the Environment

byClifford S. Russell

Hardcover | February 15, 2001

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Applying Economics to the Environment is distinguished from other books on environmental economics by its breadth of coverage and its in-depth discussions of several key topics. The book's broad scope includes a chapter on how models of the natural world interact with economic models in waysthat are central to the conclusions economists reach. It devotes a chapter to contingent valuation, currently the hottest topic in the field. It also contains a chapter on monitoring and enforcement, a topic often completely ignored but central to considerations of instrument choice. In addition,the final four chapters deal with the special problems of developing countries and the environment, both their own and our shared global systems. In terms of depth, the book's discussion of contingent valuation and related "direct" damage or benefit estimation techniques is unmatched outside thespecialist literature. Its coverage of the choices available among policy instruments goes far beyond the usual simple discussions contrasting what is misleadingly known as "command control" with so-called economic or market-based instruments. This coverage reveals the complexity of the choice andthe range of alternatives available. It also presents several of the newer ideas, in particular the use of publicly available information as a tool of environmental policy. Applying Economics to the Environment is intended to serve a dual market of upper-level college course programs inenvironmental economics as well as engineering and public policy courses that focus on the environment. The book can also provide an enlightening perspective for practicing professionals. Because the text includes a relatively sophisticated presentation of economic analysis, the author includes afull-chapter review of relevant microeconomic concepts. Some other features that further distinguish this book from currently available titles on the subject are: an introduction to the history of environmental policy and legislation; a comparison of approaches to the uncertain choice betweendevelopment and preservation; and an example of regional cost benefit analysis.
Clifford S. Russell is at Vanderbilt University.
Title:Applying Economics to the EnvironmentFormat:HardcoverPublished:February 15, 2001Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:019512684X

ISBN - 13:9780195126846


Table of Contents

Foreword1. What Does Environmental Economics Have to Do With the Environment?Some Historical ProblemsAnalyses of Causes and SolutionsGetting Closer to SpecificsA Sketch of Environmental Policy ChoicesDevelopment and the EnvironmentA Concluding Theme2. Background on Actual Policy ChoicesA Little HistoryEfforts to Deal Legislatively with the Environment in the United StatesThe 1970s -- A Decade of Environmental LegislationSummarizing the Place of Economics in Environmental Legislation in the U.S.A Few Comments on International Comparisons and Global ConcernsThings to Keep in Mind3. Microeconomics: Review and ExtensionsDemand, Willingness to Pay, and SurplusesOptimization in MicroeconomicsSupply/Marginal CostSocial Welfare Notions: Prices and OptimalityNotes on Optimization and the Choice of Environmental PolicyOptimization in MicroeconomicsRemindersAppendix I. Chapter 3RationalityDemand Functions and Willingness to PayTime and UncertaintyIgnorance of the FutureRisk and UncertaintyAppendix II. Chapter 3Correcting Market Failures: Is Partial Correction Better Than Nothing?Optimizing with Inconveniently Shaped FunctionsWhen Available Future Decisions are Changed by Present Decisions4. An Introduction to the "Environmental" Part of Environmental EconomicsFunctions of the Environment Relevant to Environmental EconomicsModels of the Natural WorldMore About Space, Time, and RandomnessIgnoranceConcluding Comments and Reminders5. Cost-Benefit Analysis and the Management of the EnvironmentGoing Beyond the Simplest Optimizing ProblemA More Formal and Complex Model of the Optimizing ProblemDoing Less Than Basin-Wide Net Benefit Maximization6. Damage and Benefit Estimation: Background and IntroductionPractical ArgumentsEthical Objections and Counter ConsiderationsSome Important Misunderstandings about EconmicsSome Possible Bases for Valuing Environmental Goods and ServicesThe Heart of the Econmic ApproachBenefit "Routes" -- A Brief ReviewConclusions and Reminders7. Indirect Benefit EstimationDemand Shifts: ComplementarityCost Shifts: Averting, Replacing, or Curing ExpenditureTravel Cost and Its Relation to Environmental QualityComments on Indirect Methods of Benefit Estimation More GenerallyConclusions and Reminders8. Direct Methods of Benefit EstimationStrategic ResponsesCognitive Difficulties and Lack of KnowledgeSome Other Challenges for Direct Questioning MethodsConjoint AnalysisThree Final, Practical ProblemsAn Attempt at a Bottom Line on Direct Questioning Techniques9. Policy Instruments I: Some Basic Results and ConfusionsNarrowing DownBases for Judging Among InstrumentsStatic EfficiencyContrasting the Static and Dynamic CasesA Word About SubsidiesA Summary to This Point10. Policy Instruments II: Other Considerations and More Exotic InstrumentsComparing Instruments: Other ConsiderationsGeneral Institutional DemandsPrices, Ethics and Politics in Environmental PolicyOther Dimensions of JudgmentBeyond Administered Prices and Straightforward RegulationsLiability ProvisionsThe Provision of InformationChallenge RegulationConcluding Comments and Reminders11. Monitoring and EnforcementCharacteristics of Various M and E SettingsElements of a Monitoring and Enforcement SystemSome Simple Economics of Monitoring and EnforcementMonitoring and Complicance as a Decision Under UncertaintyConclusions and Reminders12. Dealing with Risk: The Normative Model and Some LimitationsRational Models for Dealing with RiskCognitive Problems with Risky DecisionsSome Conclusions13. Risk Analysis and Risky Decisions: Some ApplicationsRisk Analysis and Risk ManagementIrreversible Decisions, Ignorance, and the Techniques for Informing DecisionsConcluding Comments14. Development and Environment: Descriptive Statistics and Special ChallengesTrying to Understand Economic Growth and SustainabilityDescribing Countries and Their Health and Environmental ProblemsBack to the Question of Special ChallengesDoes Rising Income Lead to Better Environment and Thus to Sustainability?Concluding Comments15. Estimating Environmental Quality Benefit or Damages in Developing CountriesIntroductionBenefit Estimation Methods for the Developing Country SettingDirect, Hypothetical or "Stated Preference" MethodsSome Evidence on Contrasts Between Developing and Developed CountriesConclusion16. Choosing Instruments of Environmental Policy in the Developing Country ContextThe Institutional Setting in Developing CountriesAre Market-based Environmental Policy Instruments the Best Answer for Developing Countries? Observations and SuggestionsSome Evidence on the Actual Choices of Environmental Policy Instruments Being Made in Latin AmericaConcluding CommentsAppendix I. Chapter 16Some Detail on Institutional Capabilities and Market Configurations in Latin America17. Developing Country Environments and OECD Country Tastes: An Asymmetric RelationSome Possibilities for Cross-Border InfluenceWhere Does That Leave Us?

Editorial Reviews

"Finally, someone has written an environmental economics textbook that is technically accurate but still intellectually accessible to those other than the professional economist. In addition, it includes topics that are essential to a full understanding of environmental problems including riskanalysis, monitoring and enforcement, the difficulties in benefit and cost estimation, and the special problems of developing countries. It is just the book we have needed for environmental engineers to become familiar with the concepts therein so that their work is not dominated by technicalefficiency nor economic efficiency interpreted in a narrow sense."--Frank L. Parker, Distinguished Professor of Environmental Engineering and Member, National Academy of Engineering