Environmental Economics: In Theory and Practice

Paperback | April 30, 1999

byNick Hanley, Jason F. Shogren, Ben White

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Environmental Economics in Theory and Practice provides a thorough and coherent review and discussion of environmental economics. It is a guide to the most important areas of natural resource and environmental economics, including the economics of non-renewable and renewable resourceextraction, the economics of pollution control, the application of cost-benefit analysis to the environment, and the economics of sustainable development. The book concentrates on key elements of economic theory, and shows how they can be applied to real-world problems. Particular emphasis is placedon analyzing recent empirical studies from all over the world along with in-depth coverage of various economic models. Each chapter develops the main theoretical results and recent analytic techniques necessary for understanding applications. Throughout the book, results are presented in words,graphs, and mathematical models; brief technical notes inform readers about optimal control theory, the Kuhn-Tucker conditions, game theory, and linear programming. Moving through the laws of thermodynamics to an analysis of market failure, the book turns to the economics of natural resources andpollution control. It concludes with an examination of environmental cost-benefit analysis and sustainable development. A comprehensive text, it is particularly suitable for use in advanced undergraduate and graduate courses in environmental and resource economics. Because of up-to-date coverage,it will also be of interest to professionals working in resource and environmental economics.

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From the Publisher

Environmental Economics in Theory and Practice provides a thorough and coherent review and discussion of environmental economics. It is a guide to the most important areas of natural resource and environmental economics, including the economics of non-renewable and renewable resourceextraction, the economics of pollution control, the a...

Nick Hanley is at University of Stirling. Jason F. Shogren is at University of Wyoming.

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Format:PaperbackDimensions:480 pages, 6.18 × 9.17 × 1.46 inPublished:April 30, 1999Publisher:Oxford University Press

The following ISBNs are associated with this title:

ISBN - 10:019521255X

ISBN - 13:9780195212556

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Table of Contents

List of FiguresList of TablesIntroduction1. The Economy and the Environment: Two Parts of a Whole1.1. Introduction1.2. Interlinkages between the economy and the environment1.3. The first two laws of thermodynamics1.4. ConclusionsTechnical note: game theory2. Market Failure2.1. Introduction2.2. Incomplete markets2.3. Externalities2.4. Non-exclusion and the commons2.5. Non-rivalry and public goods2.6. Non-convexities2.7. Asymmetric information2.8. Concluding comments 3. Economic Incentives for Environmental Protection: An Overview3.1. Introduction3.2. Price rationing: charges and subsidies3.3. Liability rules: non-compliance fees, bonds, and deposit refunds3.4. Quantity rationing: marketable permits3.5. Evaluative criteria3.6. Practical conditions for use of economic incentives3.7. Concluding remarksTechnical note: mathematical programming4. Pollution Taxes for the Efficient Control of Pollution4.1. Introduction4.2. Efficiency properties of a tax on emissions4.3. Problems with pollution taxes4.4. Conclusions5 Tradeable Pollution Permits5.1. Introduction5.2. The basic theory of tradeable pollution permits5.3. Research issues in tradeable permit markets5.4. Conclusions6 Transboundary Pollution Problems6.1. Introduction6.2. Transboundary pollution as a problem of international externalities6.3. Transboundary pollution and game theory6.4. Conclusions7 An Introduction to the Economics of Natural Resource Exploitation7.1. Introduction7.2. Elementary capital theory7.3. The maximum principle of optional control theory7.4. The application of the maximum principle to specific fishery management problems7.5. The discrete-time maximum principle and dynamic programming7.6. Wiener processes, Ito's processes and stochastic calculus7.6. Summary8 Natural Resources: Types, Classification and Scarcity8.1. Natural resource types and classification8.2. Measuring resource scarcity8.3. Conclusions9 An Economic Analysis of Non-renewable Natural Resources9.1. Introduction 2279.2. Market structure and the exploitation of non-renewable resources 2289.3. Production technology and extraction costs 2489.4. Applying the theory 2589.5. Government policy towards non-renewable resource taxation9.6. Uncertainty and the rate of resource extraction9.7. Summary10 Renewable Resource Economics10.1. Introduction10.2. Population growth models10.3. Static models of fishery exploitation in continuous time10.4. Static economic models of fisheries10.5. Comparative dynamic models of fishing10.6. Fisheries policy10.7. Applying the theory and the discrete-time model10.8. Extending the theoretical model10.9. Strategic behaviour in fishery management10.10. Fishing under undercertainty10.11. Summary11 The Economics of Forestry Exploitation11.1. Introduction11.2. The principles of commercial forestry economics11.3. Multi-use forestry and the socially optimal forest rotation11.4. Forestry land use and agriculture11.5. Forest policies11.6. The optimal forest rotation under uncertainty11.7. Summary12 The Theory of Non-market Valuation12.1. Introduction12.2. Measures of economic value12.3. Valuing risk and ex ante measures of value12.4. Issues in non-market valuation12.5. Concluding comments13 Methods for Valuing Environmental Costs and Benefits13.1. Introduction13.2. Direct methods of valuation13.3. Indirect methods of valuation13.4. Summary14 The Economics of Sustainable Development14.1. Introduction14.2. Possible sustainability rule14.3. Indicators of sustainability14.4. The Common-Perrings model of sustainable developmentIndex

Editorial Reviews

"Clear, well organized, great 'boxed' examples. Works quite well at the Economic Master's level."--George Parsons, University of Delaware