Encyclopedia of Energy, Natural Resource, and Environmental Economics

Encyclopedia of Energy, Natural Resource, and Environmental Economics

1st Edition - March 29, 2013

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  • Editor-in-Chief: Jason Shogren
  • Hardcover ISBN: 9780123750679

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Description

Every decision about energy involves its price and cost.  The price of gasoline and the cost of buying from foreign producers; the price of nuclear and hydroelectricity and the costs to our ecosystems; the price of electricity from coal-fired plants and the cost to the atmosphere.  Giving life to inventions, lifestyle changes, geopolitical shifts, and things in-between, energy economics is of high interest to Academia, Corporations and Governments.  For economists, energy economics is one of three subdisciplines which, taken together, compose an economic approach to the exploitation and preservation of natural resources: energy economics, which focuses on energy-related subjects such as renewable energy, hydropower, nuclear power, and the political economy of energy resource economics, which covers subjects in land and water use, such as mining, fisheries, agriculture, and forests environmental economics, which takes a broader view of natural resources through economic concepts such as risk, valuation, regulation, and distribution Although the three are closely related, they are not often presented as an integrated whole. This Encyclopedia has done just that by unifying these fields into a high-quality and unique overview.

Key Features

  • The only reference work that codifies the relationships among the three subdisciplines: energy economics, resource economics and environmental economics. Understanding these relationships just became simpler!
  • Nobel Prize Winning Editor-in-Chief (joint recipient 2007 Peace Prize), Jason Shogren, has demonstrated excellent team work again, by coordinating and steering his Editorial Board to produce a cohesive work that guides the user seamlessly through the diverse topics
  • This work contains in equal parts information from and about business, academic, and government perspectives and is intended to serve as a tool for unifying and systematizing research and analysis in business, universities, and government

Readership

University and research libraries, especially with collections in economics or earth sciences; corporations engaged in these utility services: electric power, natural gas, steam supply, water supply, and sewage removal; and government agencies regulating these utilities in the generation, transmission, and distribution of energy and the treatment of waste

Table of Contents

  • Editor in Chief

    Section Editors

    Editor Biographies

    Preface

    Permission Acknowledgments

    Volume 1: ENERGY

    Climate Change and Policy

    Carbon Cap and Trade

    Cap and Trade Defined

    Cap and Trade Versus Tax

    Cap-and-Trade Design Principles

    Cap-and-Trade Experience

    Summary

    See also

    Further Reading

    Glossary

    Carbon Offsets

    Introduction

    Certifying Carbon Offsets: Challenges

    Carbon Offsets from Forests Conservation

    Further Reading

    Relevant Websites

    Glossary

    Carbon Taxes

    Introduction

    Carbon Taxes in Practice

    Design Issues

    Incidence of a Carbon Tax

    Instrument Choice

    See also

    Further Reading

    Relevant Websites

    Clean Development Mechanism

    Introduction: The Organization of the Clean Development Mechanism

    The Distribution of CDM Projects According to Region and Type

    The CDM: Debated Issues

    Conclusion: The Role of the CDM Post Kyoto

    See also

    Further Reading

    Relevant Websites

    Glossary

    Climate Change and Food Situation*

    Food Situation

    What’s Expected with Climate Change?

    Climate Change Impacts on Agriculture and Food

    Mitigation Policies and Their Impacts on Agriculture and Food

    Conclusion

    See also

    Further Reading

    Relevant Websites

    Glossary Terms

    Dealing with the Uncertainty About Climate Change

    Sources of Uncertainty

    Addressing Uncertainty in Climate Change

    The Implications of Uncertainty

    See also

    Further Reading

    Glossary

    Double Dividend

    Introduction

    The Tax Interaction Effect

    Interpreting the Tax Interaction Findings

    Double Dividends for Special Cases

    Summary and Conclusions

    See also

    Further Reading

    Economics of Forest Carbon Sequestration as a Climate Change Mitigation Strategy

    Forest Carbon-Supply Function

    Carbon Supply on the Intensive Margin

    Forest Carbon Supply on the Extensive Margin

    Critical Implementation Issues

    Further Reading

    Glossary

    Intergovernmental Panel on Climate Change (IPCC)

    Introduction

    Establishment of the IPCC

    Structure of the IPCC

    IPCC Publications

    IPCC Procedures

    The IPCC Reform Process

    The Science and Policy Interface

    The AR5 – Current Challenges

    Conclusions

    Further Reading

    Glossary

    International Climate Treaties and Coalition Building

    Introduction

    Basic Features of International Environmental Treaties and Coalition Building

    Designing the Rules of the Game

    The Enlargement of Coalitions

    The Full Potential of Transfers

    Issue Linkage

    Conclusions

    See also

    Further Reading

    Glossary

    Markets/Technology Innovation/Adoption/Diffusion

    Diffusion of Energy-Efficient Technologies

    Introduction

    Diffusion Theory

    Determinants of the Adoption of EETs

    From Adoption to Diffusion: The Time Dimension, Feedback Loops, and Diffusion Dynamics

    Technology Case Studies

    Conclusions

    See also

    Further Reading

    Glossary

    Energy-Efficiency Gap*

    Overview

    Underlying Economic Theory

    Is There Really an Energy-Efficiency Gap?

    Arguments Against the Existence of an Energy-Efficiency Gap

    Arguments Supporting the Existence of an Energy-Efficiency Gap

    Summary

    See also

    Further Reading

    Glossary

    Impacts of Innovation: Lessons from the Empirical Evidence

    Introduction

    Energy and Environment

    Diffusion of Innovations

    Applied Climate-Economy Models

    Conclusions and Further Research

    See also

    Further Reading

    Relevant Websites

    Glossary

    Modeling Technological Change in Economic Models of Climate Change

    Introduction

    Technological Change and Economic Modeling

    Exogenous Technical Change

    Endogenous Technological Change

    Conclusion and Suggestions for Future Research

    Appendix: Models

    Further Reading

    Policy Incentives for Energy and Environmental Technological Innovation: Lessons from the Empirical Evidence*

    Introduction

    ‘Pricing’ Pollution and Induced Innovation

    Choosing the Instrument

    Dealing with Multiple Failures and Barriers

    Providing Predictable Signals

    Complementing Private Research Efforts

    Taking Advantage of International Opportunities

    Conclusions and Further Research

    See also

    Further Reading

    Technological Change and Climate Change Policy

    Abbreviations

    Overview

    Technological Change and Climate Change

    Market Failures in Low-Carbon Innovation

    Policy Instruments to Address Market Failures

    Additional Considerations for Climate Policy Design

    Summary

    See also

    Further Reading

    Glossary

    Technological Change and the Marginal Cost of Abatement

    Introduction

    Using the MAC Curve

    Generating the MAC Curve

    Limitations

    Conclusion

    See also

    Further Reading

    Relevant Websites

    Glossary

    Technological Lock-In

    Introduction

    Technological Lock-In

    Institutional Lock-In

    Carbon Lock-In

    Overcoming Carbon Lock-In

    Conclusions and Future Research

    See also

    Further Reading

    Relevant Websites

    Glossary

    Technology and Environmental Policy

    Introduction

    Results from Theoretical Models

    Results from Econometric Studies

    Results from Technology Case Studies

    Results from Surveys of Firms

    Results from Mixed-Method Studies and Meta-Analysis

    Synthesized Findings

    Conclusions

    Further Reading

    Glossary

    Non-Renewable Fossil/Nuclear/Electricity Markets

    Coal: Prospects in the Twenty-First Century: Exhaustion Trumped by Global Warming?

    Coase, Coal, and Coal Regulation

    The Coase Conundrum and Global Warming

    Conclusion: Festina Lente

    Notes on the Literature and Data on Coal

    See also

    Further Reading

    Relevant Websites

    Glossary

    Economics of Peak Oil

    Introduction

    How Fast Should We Consume Oil?

    How Fast Would Markets Use Oil?

    Modeling Peak Oil

    The Misplaced Emphasis on Peak Oil

    Conclusion

    Further Reading

    Green Microaccounting for Oil Extraction*

    Introduction

    Natural and Technological Conditions

    Accounting for Optimal Production

    Interpretation

    Conclusion

    Appendix Algebraic Derivation

    Further Reading

    Modeling Reserve Growth in Natural Gas Fields

    Overview

    Modeling Field Growth

    Summary

    See also

    Further Reading

    Glossary

    Natural Gas Networks

    Introduction

    Elements in the Network

    Optimization Horizons

    Uncertainty

    Concluding Remarks

    Further Reading

    Price Dynamics in Domestic Energy Markets

    Introduction

    Theory, Literature, and Baseline Scenario

    Electricity Price Dynamics Under Deregulation

    Conclusion

    Further Reading

    Renewable/Alternative Energy

    Economic Implications of Wind Power Intermittency

    Introduction

    Wind Power Technology

    Security of Supply

    Reliability

    Adequacy

    Measuring Intermittency

    Conclusion

    See also

    Further Reading

    Glossary

    Economics of Biofuels: An Overview*

    Introduction

    Why Biofuels?

    Research on Economics of Biofuels

    Policy Issues

    Conclusions

    Further Reading

    Economics of Technology Learning in Wind Power*

    Introduction

    The Single-Factor Learning Curve Approach

    Addressing the Impacts of R&D and Returns-to-Scale

    The Geographical Domain of Technology Learning and R&D

    Endogenous Technology Learning and Diffusion

    The Character of the Process of Technological Change

    Concluding Remarks and Some Directions for Future Research

    See also

    Further Reading

    Glossary

    Economics of Wind Power: An Introduction

    Introduction

    The Cost of Wind-Generated Electricity

    Economic Aspects of Grid Integration and Intermittency

    Measuring the Environmental Externalities of Wind Power

    Final Comments

    See also

    Further Reading

    Glossary

    Hydropower Economics: An Overview

    Introduction

    The Basic Model for Management of Hydropower

    Hydro Together with Other Technologies

    Additional Hydropower Issues

    See also

    Further Reading

    Measuring the Environmental Externalities of Offshore Wind Power: The Case of Visual Disamenities

    Introduction

    Technical Review

    The External Costs of Visual Disamenities from Offshore Wind Farms

    Heterogeneity in the Visual Disamenity Costs

    Conclusion

    Further Reading

    Glossary

    Measuring the Environmental Externalities of Onshore Wind Power

    Introduction

    Physical Characteristics of a Wind Farm

    Externalities

    Methods of Measuring Externalities

    Final Comments

    See also

    Further Reading

    Relevant Websites

    Glossary

    Residential Energy Demand

    Introduction

    Framework

    Empirics of Residential Energy Demand

    General Policy Implications

    Further Reading

    Relevant Websites

    Glossary

    Volume 2: RESOURCES

    Media Non-Biological

    Economics of Exploration for and Production of Exhaustible Resources

    Introduction

    Exploration, Reserves, and Resources

    A Benchmark Economic Model of an Exhaustible Resource Industry

    Exploration, Uncertainty, and Information

    Exploration as a Stage in Project Development

    Exploration and Resource Scarcity

    See also

    Further Reading

    Relevant Websites

    Economics of Groundwater

    Evolution of Groundwater Resource Management

    Optimal Ordering of Multiple Water Resources

    Institutions and Regulatory Issues

    Additional Dimensions

    See also

    Further Reading

    Glossary

    Economics of Market Power in the Extraction of Nonrenewable Resources

    Overview

    Scarcity and Market Power

    Resource Dependence

    Empirical Tests of Market Power

    Conclusion

    See also

    Further Reading

    Theory and Practice of Fisheries and Water Economics

    Introduction

    The Fisheries Problem

    Economic Efficiency in a Fishery

    Fisheries Management

    Ecosystem-Based Management: Reconciling Private and Public Benefits

    The Water Scarcity Problem

    Water Allocation: The Economic Framework

    Water Allocation: Theory and Practice

    Concluding Remarks

    Further Reading

    Glossary

    Media: Biological

    Economics and Ecology of Open-Access Fisheries

    Introduction

    Equilibrium Models of Open-Access Fisheries

    The Dynamics of an Open-Access Fishery

    Ecological Extensions to Classic Open-Access Models

    Stochastic Open-Access Models

    Conclusion

    See also

    Further Reading

    Glossary

    Economics of Agricultural Residuals and Overfertilization: Chemical Fertilizer Use, Livestock Waste, Manure Management, and Environmental Impacts

    Introduction

    The Problem of Overfertilization

    Sources of Overfertilization for Crop Farmers

    Livestock Waste from Animal Agriculture

    Conclusion

    See also

    Further Reading

    Glossary

    Economics of Pest Control*

    Introduction

    Magnitude of the Problem

    Representative Agent Models

    Equilibrium Implications of Pest Control Decisions

    Summary Remarks

    See also

    Further Reading

    Glossary

    Hunting and Exploitation of Terrestrial Animal Species

    Introduction

    Harvesting and Competing Use of Habitat Land

    Conflicting Views on Species Values and Conservation

    From Biomass Models to a Stage-Structured Hunting Model

    Literature Review

    Further Reading

    Reducing Emissions from Deforestation and Forest Degradation

    Introduction/Background

    Drivers of Deforestation and Degradation

    The Economics of REDD Implementation

    Changing Behavior by Changing Incentives

    Beneficiaries of REDD

    Leakage, Additionality, and Scale of REDD Policy/Projects

    Concluding Remarks

    See also

    Further Reading

    Glossary

    Microeconomics

    Economic Analysis of Forest Products Markets

    Introduction

    Stumpage Supply

    Markets for Logs and Processed Products

    Characteristics and Examples of Forest Sector Models

    Continued Advances in Forest Products Market Analysis

    See also

    Further Reading

    Forest Management and Climate Change

    Introduction

    Impacts

    Adaptation

    Uncertainty of Outcomes across Space and Time

    Conclusions

    See also

    Further Reading

    Glossary

    Joint Production of Good and Bad Outputs with a Network Application

    Introduction

    Good versus Bad Outputs

    The Production Technology

    Equilibrium

    Material Balance Principle

    Modeling Good and Bad Outputs in a Network

    Network Model versus Joint Production Model

    Data

    Results

    Appendix

    Further Reading

    Relevant Website

    Glossary

    Spatial Management of Renewable Natural Resources

    Introduction

    Spatial Economics Background and Concepts

    Renewable Natural Resources

    Future Directions for Spatial Resource Management

    See also

    Further Reading

    Voluntary Resource Conservation and Environmental Management in Agriculture and Forestry

    Overview

    Description of Voluntary Approaches

    Motivations for Voluntary Behavior

    Effectiveness of Voluntary Programs

    Agriculture

    Forestry

    Summary and Lessons for Improving Effectiveness and Social Welfare

    Further Reading

    Glossary

    Policy Tools

    Conservation Easements: Tools for Conserving and Enhancing Ecosystem Services

    Overview

    About Land Trusts and Conservation Easements

    Easements Compared to Traditional Tools

    Determinants of Land Trust and Easement Growth

    Public Policy Issues

    Summary

    Further Reading

    Glossary

    Deforestation and Forest Degradation: Concerns, Causes, Policies, and Their Impacts

    Why Worry?

    Forest Stocks and Flows

    Ongoing Forest Loss

    Domestic Development Causes

    Domestic Conservation Policies

    International Policies

    Lessons for Future Policy Initiatives?

    Further Reading

    Relevant Websites

    Exclusive Economic Zone

    The Exclusive Economic Zone: What It Is

    A Brief History of the Law of the Sea

    The UN Conferences on the Law of the Sea

    The EEZ and Offshore Petroleum

    The EEZ and Fisheries

    High Seas Fisheries

    Conclusion

    Further Reading

    Relevant Websites

    Glossary

    Externality Regulation in Oil and Gas

    Introduction

    Externalities in Oil and Gas Production

    Private Responses

    State Regulation

    Conclusions

    See also

    Further Reading

    Relevant Websites

    Glossary

    Fishery Cooperatives as a Management Institution

    Overview

    The Economics of Fishery Cooperatives

    Experiences with Cooperative Fishery Management

    Conclusions and Research Directions

    See also

    Further Reading

    Glossary

    Forest Taxation

    Introduction

    Market Failure

    Forest Taxation as a Policy Instrument

    Forest Taxation in a Selection of Countries

    Concluding Remarks

    Further Reading

    Glossary

    Individual Transferable Quotas in Fisheries

    Introduction

    What Are ITQs?

    ITQ Prices

    How Do ITQs Work?

    Application of ITQs Around the World

    See also

    Further Reading

    International Trade and the Conservation of Renewable Resources*

    Introduction

    History of International Cooperation on Resource Conservation

    The Economics of Renewable Resources and Trade

    Implications for Policy

    Conclusion

    See also

    Further Reading

    Relevant Websites

    Land Use Policies in the United States for Protecting Biodiversity and Ecosystem Services

    Introduction

    The Essential Role of Private Land in Ecosystem Services and Biodiversity

    The ESA

    The CRP

    Wetlands Mitigation

    Conservation Banks and ‘Green Infrastructure’

    Conclusions

    Further Reading

    Relevant Websites

    Glossary

    Protecting Marine Ecosystems in Fishery Regulation

    Overview

    A Typology of Fisheries Management Policies to Address Ecosystem Effects of Fishing

    Management of Bycatch and Habitat Impacts in Practice

    Policies Outside of Fisheries Management – Theory and Practice

    Summary

    See also

    Further Reading

    Glossary

    Regulated Open Access and Regulated Restricted Access Fisheries

    Introduction

    ROA Fisheries

    Regulated Restricted Access Fisheries

    Rights-Based fisheries

    Conclusion

    See also

    Further Reading

    Glossary

    Taxation of Nonrenewable Resources

    Resource Ownership, Licensing, and the Justification for Taxes

    Types of Taxes

    Other Fiscal Arrangements

    Taxes in Hotelling-Type Models

    Neutrality and the Scope for Distortions

    Some Important Issues

    Criteria and Methods for Analyzing Resource Tax Systems

    Tax Reform and Political Risk

    See also

    Further Reading

    Glossary

    Territorial Use Rights in Fisheries (TURFs)

    Introduction

    Definition and Characteristics

    Types

    Criteria for Effectiveness

    Case Studies

    Conclusion

    Further Reading

    Glossary

    Tree Plantations and Genetics in Forestry

    Plantation Forestry

    Genetic Improvement and Transgenic Trees

    Summary and Conclusions

    Further Reading

    Glossary

    Water Crises, Water Rights, and Water Markets*

    Water Crisis

    Why the Crises?

    The Role of Prices

    Conditions for Water Markets

    US Water Institutions, East and West

    Third-Party Impacts and Transaction Costs

    Water Markets at Work

    Conclusion

    Further Reading

    Relevant Websites

    Glossary

    Theoretical Tools

    Carbon Leakage

    Introduction

    Marginal Benefits Channel

    Energy Market Channel

    Terms of Trade for Nonenergy Goods

    Factor Price Channel

    The Role of Technological Change

    The Degree of Carbon Leakage

    Policy Responses

    See also

    Further Reading

    Glossary

    Cartel-versus-Fringe Models

    Introduction

    The Model

    Perfect Competition

    Monopoly

    Oligopoly Open-Loop Nash Equilibrium

    Cartel-Versus-Fringe Open-Loop Nash Equilibrium

    The Order of Extraction and Welfare Effects

    The Closed-Loop Nash Equilibrium

    Cartel-Versus-Fringe Open-Loop Stackelberg Equilibrium

    Cartel-Versus-Fringe Closed-Loop Stackelberg Equilibrium

    Conclusions

    Further Reading

    Glossary

    Differential Games and Resources

    Introduction and Overview

    Differential Games: Equilibrium Concepts

    Some Applications to Exhaustible Resources

    Some Applications to Renewable Resources

    Conclusion

    See also

    Further Reading

    Glossary

    Diffusion and Spatial Aspects

    Introduction

    Modeling Spatial Movements

    Optimal Control under Diffusion: The Maximum Principle

    Pattern Formation

    Summary and Conclusions

    Further Reading

    Relevant Websites

    Glossary

    Discounting

    Introduction

    Discounting Under Uncertainty

    Extensions

    Further Reading

    Glossary

    Experiments on Common Property Management

    Overview

    Laboratory Experiments on Common Property Resource Management

    Institutions Sustaining Cooperation in CPR Use

    The Validity of Laboratory Experiments on Common Property Management

    See also

    Further Reading

    Relevant Websites

    Glossary

    Games and Resources

    Introduction

    Public Resources

    Private Resources

    Private Inputs and Public Outputs

    Conclusions

    Acknowledgment

    See also

    Further Reading

    Glossary

    Green Paradox

    Introduction

    Climate Policy

    Economics of Exhaustible Resources

    The Green Paradox

    A Weak Green Paradox

    Other Green Paradox Mechanisms

    Implications for Policy

    See also

    Further Reading

    Glossary

    Hartwick’s Rule

    Introduction

    Illustration in a One-Sector Model

    Compensating Resource Depletion

    Results in a General Multiple-Capital-Good Technology

    Generalizations

    Concluding Remarks

    See also

    Further Reading

    Glossary

    Optimal Control and Resources

    Introduction and Overview

    Necessary and Sufficient Conditions for Finite Horizon Optimal Control Problems

    Optimal Cleanup of a Hazardous Stock

    Necessary and Sufficient Conditions for Autonomous and Discounted Infinite Horizon Optimal Control Problems

    A Renewable Resource Extracting Model of a Firm

    Summary and Conclusion

    See also

    Further Reading

    Glossary

    Option Value and Precaution

    Introduction

    Formalizing Precaution

    Implementing Precaution

    Summary and Discussion

    See also

    Further Reading

    Glossary

    Regime Shifts and Management

    Overview

    Understanding Regime Shifts

    Impacts of Regime Shifts on Human Well-Being

    The Challenges of Regime Shifts

    Policies and Management Options for Dealing with Regime Shifts

    Summary

    See also

    Further reading

    Relevant Websites

    Glossary

    Regime Shifts: Early Warnings

    Evolution Equations

    Regime Shifts in Deterministic Systems

    Regime Shifts in Stochastic Systems

    Conclusion

    See also

    Further Reading

    Glossary

    Volume 3: ENVIRONMENT

    Allocation Tools

    Bayesian Decision Theory and Climate Change

    Introduction

    Applying Bayesian Decision Theory to Climate Change

    Summary

    See also

    Further Reading

    Glossary

    Coasean Bargaining

    Introduction

    Coasean Bargaining with Friction

    Coasean Bargaining in the Laboratory

    Coasean Bargaining as Environmental Regulation

    Concluding Remarks

    See also

    Further Reading

    Glossary

    Environmental and Natural Resource Economics: Decisions Under Risk and Uncertainty

    Overview

    Decision Making under Risk

    Other Important Concepts and Risk or Uncertainty Frameworks

    See also

    Further Reading

    Glossary

    Environmental Cost–Benefit Analysis

    Overview

    A Short History of CBA

    Stages of a CBA

    An Example of CBA of Hydro Power Regulation

    The Strengths and the Weaknesses of Environmental CBA

    The Benefits of CBA

    What are the Main Challenges to the Individual Component Parts of a CBA?

    Challenges to the Overall Approach of CBA

    The Future of CBA?

    See also

    Further Reading

    Glossary

    Environmental Ethics for Environmental Economists

    Environmental Economics – Accomplishments, but also Controversy

    Ethics and the Environment

    Environmental Economics and Environmental Ethics

    For Environmental Economists, a Baby Step in the Right Direction – Accommodating a Little Ethical Pluralism

    See also

    Further Reading

    Relevant Websites

    Ethics, Economics, and Decision Rules for Climate Change

    Introduction

    The Kaldor–Hicks Criterion

    Utilitarianism

    Rights-Based Ethics

    Conclusion

    See also

    Further Reading

    Glossary

    Governance of Common-Pool Resources

    Introduction

    Conventional Theory of the Commons

    Case Study Comparison

    Experimental Results

    Contemporary Theory of Collective Action and the Commons

    Going Beyond Panaceas

    See also

    Further Reading

    Relevant Websites

    Glossary

    Lindahl Pricing for Public Goods and Experimental Auctions for the Environment

    Public Goods Problem

    Public Good Experiments

    Individualized Price Auction – Example

    See also

    Further Reading

    Glossary

    Managing Catastrophic Risk

    Why Decision Makers Do Not Invest in Protective Measures

    Impact of Interdependencies on Investing in Protective Measures

    Risk Management Strategies

    Conclusions

    See also

    Further Reading

    Glossary

    Optimization Across Space

    Overview

    Spatial Optimization of Resource Management and Policy

    Spatial Optimization in Design of Emission Taxes and Tradable Emission Permits

    Spatial Variation in Stringency of Standards and Enforcement Activity

    Urban Environmental Quality

    Conclusion

    See also

    Further Reading

    Glossary

    Payments for Ecosystem Services: Mechanisms to Achieve Desired Landscape Patterns

    Introduction

    PES Schemes for Conserving Spatially Dependent Ecosystem Services

    Discussion and Conclusion

    See also

    Further Reading

    Glossary

    Property Rights and the Environment

    Understanding Property Rights

    Negative Externalities and the Lack of Property Rights

    Resolving Environmental Conflicts with Property Rights

    The Law and Economics of Property Rights and the Environment

    Property Rights Solutions to Environmental Problems

    Summary

    See also

    Further Reading

    Glossary

    Media

    Agricultural Sources of Water Pollution

    Nature, Extent, and Cost of Agricultural Water Pollution

    Economic Considerations

    Policy Design

    See also

    Further Reading

    Relevant Websites

    Glossary

    Economics of Pesticide Use and Regulation

    Background

    Economics of Evaluating and Improving Agricultural Pest Management

    Pesticide Regulation in the United States

    Summary

    See also

    Further Reading

    Hazardous Substances

    Overview

    Hazardous Waste

    Accidental Releases

    Conclusion

    See also

    Further Reading

    Relevant Websites

    Glossary

    Local/Regional Air Pollution from Stationary Sources

    Introduction

    The Effects of Environmental Regulations on Ambient Concentrations of Criteria Pollutants

    Estimating the Benefits from Air Quality Improvements: Challenges and Key Results

    The Distributional Impacts of Environmental Regulations

    Concluding Remarks and Direction for Future Research

    Further Reading

    Waste Disposal and Recycling

    Waste Management and Economic Development

    Recent Data Trends

    External Costs and External Benefits

    A Summary of Policy Approaches and the Related Empirical Literature

    Speculating on the Future

    Further Reading

    Glossary

    Water Pollution from Industrial Sources

    Extent of Water Pollution from Industrial Sources

    Issues Related to Controlling Wastewater-Related Externalities

    Types of Policy Approaches

    Corporate Environmental Responsibility Efforts to Control Industrial Wastewater

    Related Empirical Literature

    Summary

    See also

    Further Reading

    Relevant Websites

    Glossary

    Water Pollution from Oil Spills

    Sources of Oil Spills

    Impact of Oil Spills

    Costs of Oil Spills

    Deterring Oil Spills

    Economic Theory of Oil Spill Deterrence

    Empirical Evidence on Deterring Oil Spills

    See also

    Further Reading

    List of Relevant Websites

    Wetlands and Coastal Estuaries

    Introduction

    Valuing Wetland Goods and Services

    Overcoming Measurement Issues

    Wetland Valuation and Policy Choices: An Example from Thailand

    Restoring and Creating Wetlands

    Conclusion

    See also

    Further Reading

    Policies/Incentives

    Deposit-Refund Systems in Practice and Theory

    Introduction

    The Deposit-Refund in Practice

    The Deposit-Refund in Theory

    Concluding Remarks

    See also

    Further Reading

    Relevant Websites

    Glossary

    Ecolabeling

    Abbreviations

    Introduction

    Economic Considerations for Ecolabeling

    Case Study: The Dolphin-Safe Ecolabel

    Conclusion

    See also

    Further Reading

    Glossary

    Economics of Nonpoint Pollution

    The Nonpoint Pollution Problem

    Nonpoint Pollution Control: Characterization and Efficiency

    Nonpoint Policy Instruments

    Conclusion

    See also

    Further Reading

    Enforcement

    Introduction

    Fundamental Economics of Environmental Enforcement

    Extensions of the Basic Enforcement Model

    Enforcing Price-Based Control Policies: Emissions Taxes and Tradable Emissions Permits

    Conclusion

    See also

    Further Reading

    Glossary

    European Union’s Emissions Trading System

    Overview

    EU Climate Policy Background

    Design of the EU Emissions Trading System

    Economic Assessment of the EU Emissions Trading System

    Future Developments

    Conclusions

    See also

    Further Reading

    Glossary

    Green Tax Design in the Real (Second-Best) World

    Introduction

    Multiple Externality Problems

    Restrictions on Tax Coverage

    Market Power

    Impediments to the Development and Deployment of New Technologies

    Preexisting Policies

    Conclusion

    See also

    Further Reading

    Glossary

    Information Programs

    Aims and Scope

    An Overview of Information Disclosure Programs

    The Potential Advantages of Transparency Policies

    Potential Mechanisms

    Empirical Evidence: The Effectiveness of Information Programs

    Empirical Evidence: The Mechanisms Linking Information and Performance

    Discussion

    See also

    Further Reading

    Glossary

    Liability Rules and the Environment

    Introduction

    The Unilateral Accident Regulation Model

    Contemporary Topics in Environmental Liability

    Conclusion

    See also

    Further Reading

    Glossary

    Price Instruments

    Introduction

    An Economic View of Efficiency

    The Role of Prices

    Emission Taxes

    Other Taxes

    Subsidies for Reducing Emissions

    Other Subsidy Policies

    Who Should Pay for Pollution Control?

    Summary

    See also

    Further Reading

    Glossary

    Prices versus Quantities

    Introduction

    Some Basic Notation

    Imperfect Information

    Hybrid Policies

    Further Asymmetries between Price and Quantity Policies

    Summary and Conclusions

    See also

    Further Reading

    Glossary

    Quantity Instruments

    Overview

    Emissions, Ambient Concentrations, and Forms of Tradable Credit Systems

    Credit Banking and Borrowing: Credit Trading Across Compliance Periods

    Stock Pollutants and Tradable Credit

    Point, Nonpoint Source Emission and Discharge Credits

    Additional Issues

    Summary

    See also

    Further Reading

    Glossary

    SO2 Program

    The Pollutant

    Regulatory History

    Allowance Trading

    Program Design

    Program in Effect

    Economic Assessment

    Environmental Effect

    The Clean Air Interstate Rule

    The Clean Air Transport Rule

    Conclusion

    Further Reading

    Relevant Websites

    Standards

    Introduction and Definition

    What Standards Are in Use

    How Standards Work

    Why Standards Are Used

    Summary

    See also

    Further Reading

    Glossary

    Superfund Program

    History of the Legislation

    The Superfund Process

    Has the Program Worked?

    Measuring Benefits Through Property Values

    Environmental Equity Concerns

    Legal Issues and Costs

    See also

    Further Reading

    Voluntary Approaches to Environmental Protection

    Overview

    Description of Voluntary Approaches

    Motivations for Voluntary Approaches

    Effectiveness of Voluntary Approaches

    Voluntary Approaches in Developing Countries

    Summary

    See also

    Further Reading

    Relevant Websites

    Glossary

    Political Economy

    Contest Models and Environmental Policy

    Introduction

    Contest Model Basics

    Extending the Basic Model

    Selected Environmental Applications

    Conclusions

    See also

    Further Reading

    Glossary

    Democracy, Political Institutions, and Environmental Policy

    Introduction

    Democracy

    Political Institutions

    Conclusion

    See also

    Further Reading

    Glossary

    Empirical Methods for Political Economy Analyses of Environmental Policy

    Introduction

    Political Institutions and Environmental Policy

    Spatial Interactions and Environmental Policy

    Conclusion

    See also

    Further Reading

    Glossary

    Environmental Conflict and Natural Resources

    Introduction

    What Is Conflict Economics?

    Property Rights and Conflict

    What Makes Natural Resources so Special in Relation to Conflict?

    Expropriation and Conflict

    Input Access and Conflict

    Trade and Resources: A General Equilibrium Model of Conflict

    See also

    Further Reading

    Glossary

    Environmental Federalism: Empirics

    Introduction

    Vertical Federalism

    Horizontal Federalism: Environmental Free Riding

    Horizontal Federalism: Interjurisdictional Competition

    Conclusions and Implications

    See also

    Further Reading

    Glossary

    Environmental Justice: The Experience of the United States

    Introduction

    Hypotheses for Environmental Justice Correlations

    From Positive to Normative: Incorporating Environmental Justice Considerations into Policy Making

    See also

    Further Reading

    Glossary

    Lobbying, Voting, and Environmental Policy: Theory

    Introduction

    Special-Interest Groups

    Voting and Election

    Elections and Lobbying

    Concluding Remarks

    See also

    Further Reading

    Glossary

    Political Economy and the Interaction Between International Trade and Environmental Policies

    Introduction

    Formal Framework

    Reducing Barriers to International Trade

    Other Policy Issues

    Conclusion

    See also

    Further Reading

    Glossary

    Political Economy of Instrument Choice

    Introduction

    Why Inefficient Instruments Often Win the day

    Taxes and Revenue Recycling Rules

    The Political Economy of Tradable Permit Markets

    Conclusion

    See also

    Further Reading

    Glossary

    Political Economy of International Environmental Agreements

    Aims and Scope

    Theoretical Model Approaches

    International Environmental Cooperation: Findings from Empirical and Experimental Studies

    Discussion and Scope for Future Research

    See also

    Further Reading

    Glossary

    Public Acceptability of Incentive-Based Mechanisms

    Public Acceptability and Political Feasibility

    The Determinants of Public Acceptability

    Designing Efficient and Acceptable Policies

    Summary/Conclusions

    See also

    Further Reading

    Glossary

    Strategic Environmental Policy

    Introduction

    The Third-Market Model

    Welfare Consequences of SEP

    Variations of the Third-Market Model

    Reciprocal Dumping Model

    Policy Implications

    See also

    Further Reading

    Glossary

    Valuation Tools

    Averting Behavior

    Introduction

    Theoretical Background

    Misstatement of Physical and Economic Damages

    Empirical Research on Behavioral Responses to Hazards

    Valuation of Marginal Changes in Hazards

    Valuation of Nonmarginal Changes in Hazards

    Conclusions

    See also

    Further Reading

    Benefit Transfer

    Introduction

    Transfer Methods

    Validity and Predictive Accuracy

    Commodity Consistency

    Market Consistency

    Temporal Trends

    International Transfers

    Study Methodology

    Selection Effects

    Access to Primary Studies and Data Reporting

    Conclusions

    See also

    Further Reading

    Glossary

    Contingent Valuation Method

    Overview

    CVM Survey Design

    Advantages of the CVM

    Accuracy

    Conclusions

    See also

    Further Reading

    Glossary

    Hedonics

    Introduction

    Environmental Valuation with the Hedonic Price Function

    Functional Form and Choice of Regressors

    Endogenous Regressors

    Identification of Preference Parameters Within the Hedonic Framework

    Conclusions

    See also

    Further Reading

    Travel Cost Methods

    Introduction

    Seasonal Demand Models

    Site Choice Models

    Kuhn–Tucker Models

    Issues and Complications

    Conclusions

    See also

    Further Reading

    Value of a Statistical Life

    Hedonic Equilibrium

    The Uses and Misuses of VSLs

    Estimating VSLs Using Labor Market Data

    VSL Heterogeneity

    Policy Implications of VSL Heterogeneity

    Estimating VSLs Using Housing or Product Data

    Contingent Valuation/Stated Preference Studies

    Current EPA Guidelines

    Conclusion

    See also

    Further Reading

    Glossary

    Index

    Author Index

Product details

  • No. of pages: 1056
  • Language: English
  • Copyright: © Elsevier Science 2013
  • Published: March 29, 2013
  • Imprint: Elsevier Science
  • Hardcover ISBN: 9780123750679

About the Editor in Chief

Jason Shogren

Jason Shogren

Jason Shogren is the Stroock Professor of Natural Resource Conservation and Management and Chair of the Department of Economics and Finance at the University of Wyoming, his alma mater. He works on the economics of environmental and natural resource policy. Shogren is a foreign member of the Royal Swedish Academy of Sciences, and has served as professor to the King of Sweden, a lead author for the Intergovernmental Panel on Climate Change, and as a senior economist on the Council of Economic Advisers in the White House. He likes music and fishing.

Photograph © Ted Brummond

Affiliations and Expertise

University of Wyoming, USA

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