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Markets and the Environment

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ISBN-10: 1597260479

ISBN-13: 9781597260473

Edition: 2nd 2007

Authors: Nathaniel O. Keohane, Sheila M. Olmstead

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Markets and the Environment is a concise yet comprehensive introduction to a topic of central importance in understanding a wide range of environmental issues and policy approaches. It offers a clear overview of the fundamentals of environmental economics that will enable students and professionals to quickly grasp important concepts and to apply those concepts to real-world environmental problems. In addition, the book integrates normative, policy, and institutional issues at a principles level. nbsp; Chapters examine o the benefits and costs of environmental protection o markets and market failure o natural resources as capital assets o sustainability and economic development nbsp; …    
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Book details

Edition: 2nd
Copyright year: 2007
Publisher: Island Press
Publication date: 6/18/2007
Binding: Paperback
Pages: 288
Size: 5.25" wide x 8.50" long x 0.50" tall
Weight: 0.726
Language: English

Nathaniel Keohane is assistant 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.

Economics and the Environment
Global Climate Change
Organization and Content of This Book
What We Hope Readers Will Take Away from This Book
Economic Efficiency and Environmental Protection
Economic Efficiency
Efficiency and Environmental Policy
Equating Benefits and Costs on the Margin
Dynamic Efficiency and Environmental Policy
The Benefits and Costs of Environmental Protection
Measuring Costs
Evaluating Benefits
Benefit-Cost Analysis
The Efficiency of Markets
Competitive Market Equilibrium
The Efficiency of Competitive Markets
Market Failures in the Environmental Realm
Public Goods
The Tragedy of the Commons
Managing Stocks: Natural Resources as Capital Assets
Economic Scarcity
Efficient Extraction in Two Periods
A Closer Look at the Efficient Extraction Path
The Critical Role of Property Rights
Stocks that Grow: The Economics of Renewable Resource Management
Economics of Forest Resources
Principles of Market-Based Environmental Policy
The Coase Theorem
The Array of Policy Instruments
How Market-Based Policies Can Overcome Market Failure
Is It Preferable to Set Prices or Quantities?
The Case for Market-Based Instruments in the Real World
Reducing Costs
Promoting Technological Change
Market-Based Instruments for Managing Natural Resources
Other Considerations
Market-Based Instruments in Practice
The U.S. Sulfur Dioxide Market
Individual Tradable Quotas for Fishing in New Zealand
Municipal Water Pricing
Water Quality Trading
Waste Management: "Pay As You Throw"
Habitat and Land Management
Sustainability and Economic Growth
Limits to Growth?
Sustainability, in Economic Terms
Keeping Track: Green Accounting
Are Economic Growth and Sustainability Compatible?
What Does Economics Imply for Environmental Policy?
The Roles of Firms, Consumers, and Governments
Some Final Thoughts
Discussion Questions
Further Reading