Hardback
Economics of the Environment
Selected Readings, Seventh Edition
7th edition
9781788972055 Edward Elgar Publishing
Economics of the Environment, Seventh Edition is a compendium of the best, most timely articles by a dream team of environmental economists, together with an original introductory chapter by the editor.
Now in its seventh edition, Economics of the Environment serves as a valuable supplement to environmental economics text books and as a stand-alone reference book of key, up-to-date readings from the field. Edited by Robert N. Stavins, the book covers the core areas of environmental economics courses as taught around the world; and the included authors are the top scholars in the field. Overall, more than half of the chapters are new to this edition while the rest have remained seminal works.
Now in its seventh edition, Economics of the Environment serves as a valuable supplement to environmental economics text books and as a stand-alone reference book of key, up-to-date readings from the field. Edited by Robert N. Stavins, the book covers the core areas of environmental economics courses as taught around the world; and the included authors are the top scholars in the field. Overall, more than half of the chapters are new to this edition while the rest have remained seminal works.
More Information
Contributors
Contents
More Information
Economics of the Environment, Seventh Edition is a compendium of the best, most timely articles by a dream team of environmental economists, together with an original introductory chapter by the editor.
Now in its seventh edition, Economics of the Environment serves as a valuable supplement to environmental economics text books and as a stand-alone reference book of key, up-to-date readings from the field. Edited by Robert N. Stavins, the book covers the core areas of environmental economics courses as taught around the world; and the included authors are the top scholars in the field. Overall, more than half of the chapters are new to this edition while the rest have remained seminal works.
This text will prove invaluable to undergraduates and graduates studying environmental economics, environmental policy, and climate change policy. Economics of the Environment will also be a vital resource to practitioners in government, private industry, and advocacy groups and other NGOs working on environmental policy.
Now in its seventh edition, Economics of the Environment serves as a valuable supplement to environmental economics text books and as a stand-alone reference book of key, up-to-date readings from the field. Edited by Robert N. Stavins, the book covers the core areas of environmental economics courses as taught around the world; and the included authors are the top scholars in the field. Overall, more than half of the chapters are new to this edition while the rest have remained seminal works.
This text will prove invaluable to undergraduates and graduates studying environmental economics, environmental policy, and climate change policy. Economics of the Environment will also be a vital resource to practitioners in government, private industry, and advocacy groups and other NGOs working on environmental policy.
Contributors
Contributors: J. Aldy, D. Bodansky, S. Borenstein, T.A. Cameron, R. Carson, T. Covert, M. Cropper, A. Dechezlepretre, G. Eads, K. Fisher-Vanden, M. Freeman, D. Fullerton, S. Gaines, T. Gayer, T. Gerardon, M. Greenstone, C. Gollier, L. Goulder, B. Groom, R. Hahn, J. Hausman, G. Heal, S. Hoedl, K. Jack, C. Kling, C. Knittel, A. KrupnickIan Parry, E. Maskin, G. Metcalf, R. Newell, R. Noll, W. Nordhaus, S. Olmstead, D. Phaneuf, R. Pindyck, W. Pizer, P. Portney, D. Raimi, F. Reinhardt, L. Reisch, M. Russell, M. Sandel, M. Sato, R. Schmalensee, S. Shavell, J. Shogren, K. Smith, N. Stern, T. Sterner, C. Sunstein, C. Taylor, L. Taylor, R. Tol, K. Viscusi, M. Weitzman, J. Zhao
Contents
Contents:
Acknowledgements
Introduction Robert N. Stavins
PART I OVERVIEW AND PRINCIPLES
1. Don Fullerton and Robert Stavins (1998), ‘How economists see the environment’, Nature, 395, October, 433–4
2. R. H. Coase (1960), ‘The problem of social cost’, Journal of Law and Economics, 3, October, 1–44
PART II THE COSTS AND BENEFITS OF ENVIRONMENTAL PROTECTION
3. Antoine Dechezleprêtre and Misato Sato (2017), ‘The impacts of environmental regulations on competitiveness’, Review of Environmental Economics and Policy, 11 (2), July, 183–206
4. Trudy Ann Cameron (2010), ‘Euthanizing the value of a statistical life’, Review of Environmental Economics and Policy, 4 (2), July, 161–78
5. Richard T. Carson (2012), ‘Contingent valuation: a practical alternative when prices aren’t available’, Journal of Economic Perspectives, 26 (4), Fall, 27–42
6. Catherine L. Kling, Daniel J. Phaneuf and Jinhua Zhao (2012), ‘From Exxon to BP: has some number become better than no number?’, Journal of Economic Perspectives, 26 (4), Fall, 3–26
7. Jerry Hausman (2012), ‘Contingent valuation: from dubious to hopeless’, Journal of Economic Perspectives, 26 (4), Fall, 43–56
PART III THE GOALS OF ENVIRONMENTAL POLICY: ECONOMIC EFFICIENCY AND BENEFIT–COST ANALYSIS
8. Kenneth J. Arrow, Maureen L. Cropper, George C. Eads, Robert W. Hahn, Lester B. Lave, Roger G. Noll, Paul R. Portney, Milton Russell, Richard Schmalensee, V. Kerry Smith and Robert N. Stavins (1996), ‘Is there a role for benefit-cost analysis in environmental, health, and safety regulation?’ Science, 272 (5259), April, 221–2
9. Lawrence H. Goulder and Robert N. Stavins (2002), ‘An eye on the future’, Nature, 419, October, 673–4
10. K. Arrow, M. Cropper, C. Gollier, B. Groom, G. Heal, R. Newell, W. Nordhaus, R. Pindyck, W. Pizer, P. Portney, T. Sterner, R. S. J. Tol and M. Weitzman (2013), ‘Determining benefits and costs for future generations’, Science, 341 (6144), July, 349–50
11. Ted Gayer and W. Kip Viscusi (2016), ‘Resisting abuses of benefit–cost analysis’, National Affairs, 35, Spring, 59–71
PART IV THE MEANS OF ENVIRONMENTAL POLICY: COST EFFECTIVENESS AND MARKET-BASED INSTRUMENTS
12. Richard Schmalensee and Robert N. Stavins (2017), ‘Lessons learned from three decades of experience with cap and trade’, Review of Environmental Economics and Policy, 11 (1), Winter, 59–79
13. Richard Schmalensee and Robert N. Stavins (2013), ‘The SO2 allowance trading system: the ironic history of a grand policy experiment’, Journal of Economic Perspectives, 27 (1), Winter, 103–22
14. Karen Fisher-Vanden and Sheila Olmstead (2013), ‘Moving pollution trading from air to water: potential, problems, and prognosis’, Journal of
Economic Perspectives, 27 (1), Winter, 147–72
PART V ECONOMICS OF NATURAL RESOURCES
15. Robert M. Solow (1974), ‘The economics of resources or the resources of economics’, American Economic Review, 64 (2), May, 1–14
16. Thomas Covert, Michael Greenstone and Christopher R. Knittel (2016), ‘Will we ever stop using fossil fuels?’, Journal of Economic Perspectives, 30 (1), Winter, 117–38
17. Sheila M. Olmstead (2010), ‘The economics of managing scarce water resources’, Review of Environmental Economics and Policy, 4 (2), Summer, 179–98
18. Severin Borenstein (2012), ‘The private and public economics of renewable electricity generation’, Journal of Economic Perspectives, 26 (1), Winter, 67–92
PART VI GLOBAL CLIMATE CHANGE
19. Joseph E. Aldy, Alan J. Krupnick, Richard G. Newell, Ian W. H. Parry and William A. Pizer (2010), ‘Designing climate mitigation policy’, Journal of
Economic Literature, 48 (4), December, 903–34
20. William Nordhaus (2007), ‘Critical assumptions in the Stern Review on climate change’, Science, 317 (5835), July, 201–2
21. Nicholas Stern and Chris Taylor (2007), ‘Climate change: risk, ethics, and the Stern Review’, Science, 317 (5835), July, 203–4
22. Richard G. Newell, William A. Pizer and Daniel Raimi (2013), ‘Carbon markets 15 years after Kyoto: lessons learned, new challenges’, Journal of Economic Perspectives, 27 (1), Winter, 123–46
23. Daniel M. Bodansky, Seth A. Hoedl, Gilbert E. Metcalf and Robert N. Stavins (2016), ‘Facilitating linkage of climate policies through the Paris outcome’, Climate Policy, 16 (8), 956–72
24. Richard S. J. Tol (2018), ‘The economic impacts of climate change’, Review of Environmental Economics and Policy, 12 (1), Winter, 4–25
PART VII SUSTAINABILITY, THE COMMONS, AND GLOBALIZATION
25. Robert M. Solow (1992), ‘Sustainability: an economist’s perspective’,National Geographic: Research and Exploration, 8, 10–21
26. Elinor Ostrom (2009), ‘A general framework for analyzing sustainability of social-ecological systems’, Science, 325 (5939), July, 419–22
27. Robert N. Stavins (2011), ‘The problem of the commons: still unsettled after 100 years’, American Economic Review, 101 (1), February, 81–108
28. Forest L. Reinhardt, Robert N. Stavins and Richard H. K. Vietor (2008), ‘Corporate social responsibility through an economic lens’, Review of Environmental Economics and Policy, 2 (2), Summer, 219–39
29. Michael Greenstone and B. Kelsey Jack (2018), ‘Environmental economics in developing countries: an emerging field’
PART VIII BEHAVIORAL ECONOMICS AND THE ENVIRONMENT
30. Jason F. Shogren and Laura O. Taylor (2008), ‘On behavioral-environmental economics’, Review of Environmental Economics and Policy, 2 (1), Winter, 26–44
31. Cass R. Sunstein and Lucia A. Reisch (2014), ‘Automatically green: behavioural economics and environmental protection’, Harvard Environmental Law Review, 38 (1), 127–58
32. Todd D. Gerarden, Richard G. Newell and Robert N. Stavins (2017), ‘Assessing the energy-efficiency gap’, Journal of Economic Literature, 55 (4), December, 1486–525
PART IX ECONOMICS AND ENVIRONMENTAL POLICY MAKING
33. A. Myrick Freeman III (2002), ‘Environmental policy since Earth Day I: what have we gained?’, Journal of Economic Perspectives, 16 (1), Winter, 125–46
34. Robert W. Hahn (2000), ‘The impact of economics on environmental policy’, Journal of Environmental Economics and Management, 39 (3),
May, 375–99
Index
Acknowledgements
Introduction Robert N. Stavins
PART I OVERVIEW AND PRINCIPLES
1. Don Fullerton and Robert Stavins (1998), ‘How economists see the environment’, Nature, 395, October, 433–4
2. R. H. Coase (1960), ‘The problem of social cost’, Journal of Law and Economics, 3, October, 1–44
PART II THE COSTS AND BENEFITS OF ENVIRONMENTAL PROTECTION
3. Antoine Dechezleprêtre and Misato Sato (2017), ‘The impacts of environmental regulations on competitiveness’, Review of Environmental Economics and Policy, 11 (2), July, 183–206
4. Trudy Ann Cameron (2010), ‘Euthanizing the value of a statistical life’, Review of Environmental Economics and Policy, 4 (2), July, 161–78
5. Richard T. Carson (2012), ‘Contingent valuation: a practical alternative when prices aren’t available’, Journal of Economic Perspectives, 26 (4), Fall, 27–42
6. Catherine L. Kling, Daniel J. Phaneuf and Jinhua Zhao (2012), ‘From Exxon to BP: has some number become better than no number?’, Journal of Economic Perspectives, 26 (4), Fall, 3–26
7. Jerry Hausman (2012), ‘Contingent valuation: from dubious to hopeless’, Journal of Economic Perspectives, 26 (4), Fall, 43–56
PART III THE GOALS OF ENVIRONMENTAL POLICY: ECONOMIC EFFICIENCY AND BENEFIT–COST ANALYSIS
8. Kenneth J. Arrow, Maureen L. Cropper, George C. Eads, Robert W. Hahn, Lester B. Lave, Roger G. Noll, Paul R. Portney, Milton Russell, Richard Schmalensee, V. Kerry Smith and Robert N. Stavins (1996), ‘Is there a role for benefit-cost analysis in environmental, health, and safety regulation?’ Science, 272 (5259), April, 221–2
9. Lawrence H. Goulder and Robert N. Stavins (2002), ‘An eye on the future’, Nature, 419, October, 673–4
10. K. Arrow, M. Cropper, C. Gollier, B. Groom, G. Heal, R. Newell, W. Nordhaus, R. Pindyck, W. Pizer, P. Portney, T. Sterner, R. S. J. Tol and M. Weitzman (2013), ‘Determining benefits and costs for future generations’, Science, 341 (6144), July, 349–50
11. Ted Gayer and W. Kip Viscusi (2016), ‘Resisting abuses of benefit–cost analysis’, National Affairs, 35, Spring, 59–71
PART IV THE MEANS OF ENVIRONMENTAL POLICY: COST EFFECTIVENESS AND MARKET-BASED INSTRUMENTS
12. Richard Schmalensee and Robert N. Stavins (2017), ‘Lessons learned from three decades of experience with cap and trade’, Review of Environmental Economics and Policy, 11 (1), Winter, 59–79
13. Richard Schmalensee and Robert N. Stavins (2013), ‘The SO2 allowance trading system: the ironic history of a grand policy experiment’, Journal of Economic Perspectives, 27 (1), Winter, 103–22
14. Karen Fisher-Vanden and Sheila Olmstead (2013), ‘Moving pollution trading from air to water: potential, problems, and prognosis’, Journal of
Economic Perspectives, 27 (1), Winter, 147–72
PART V ECONOMICS OF NATURAL RESOURCES
15. Robert M. Solow (1974), ‘The economics of resources or the resources of economics’, American Economic Review, 64 (2), May, 1–14
16. Thomas Covert, Michael Greenstone and Christopher R. Knittel (2016), ‘Will we ever stop using fossil fuels?’, Journal of Economic Perspectives, 30 (1), Winter, 117–38
17. Sheila M. Olmstead (2010), ‘The economics of managing scarce water resources’, Review of Environmental Economics and Policy, 4 (2), Summer, 179–98
18. Severin Borenstein (2012), ‘The private and public economics of renewable electricity generation’, Journal of Economic Perspectives, 26 (1), Winter, 67–92
PART VI GLOBAL CLIMATE CHANGE
19. Joseph E. Aldy, Alan J. Krupnick, Richard G. Newell, Ian W. H. Parry and William A. Pizer (2010), ‘Designing climate mitigation policy’, Journal of
Economic Literature, 48 (4), December, 903–34
20. William Nordhaus (2007), ‘Critical assumptions in the Stern Review on climate change’, Science, 317 (5835), July, 201–2
21. Nicholas Stern and Chris Taylor (2007), ‘Climate change: risk, ethics, and the Stern Review’, Science, 317 (5835), July, 203–4
22. Richard G. Newell, William A. Pizer and Daniel Raimi (2013), ‘Carbon markets 15 years after Kyoto: lessons learned, new challenges’, Journal of Economic Perspectives, 27 (1), Winter, 123–46
23. Daniel M. Bodansky, Seth A. Hoedl, Gilbert E. Metcalf and Robert N. Stavins (2016), ‘Facilitating linkage of climate policies through the Paris outcome’, Climate Policy, 16 (8), 956–72
24. Richard S. J. Tol (2018), ‘The economic impacts of climate change’, Review of Environmental Economics and Policy, 12 (1), Winter, 4–25
PART VII SUSTAINABILITY, THE COMMONS, AND GLOBALIZATION
25. Robert M. Solow (1992), ‘Sustainability: an economist’s perspective’,National Geographic: Research and Exploration, 8, 10–21
26. Elinor Ostrom (2009), ‘A general framework for analyzing sustainability of social-ecological systems’, Science, 325 (5939), July, 419–22
27. Robert N. Stavins (2011), ‘The problem of the commons: still unsettled after 100 years’, American Economic Review, 101 (1), February, 81–108
28. Forest L. Reinhardt, Robert N. Stavins and Richard H. K. Vietor (2008), ‘Corporate social responsibility through an economic lens’, Review of Environmental Economics and Policy, 2 (2), Summer, 219–39
29. Michael Greenstone and B. Kelsey Jack (2018), ‘Environmental economics in developing countries: an emerging field’
PART VIII BEHAVIORAL ECONOMICS AND THE ENVIRONMENT
30. Jason F. Shogren and Laura O. Taylor (2008), ‘On behavioral-environmental economics’, Review of Environmental Economics and Policy, 2 (1), Winter, 26–44
31. Cass R. Sunstein and Lucia A. Reisch (2014), ‘Automatically green: behavioural economics and environmental protection’, Harvard Environmental Law Review, 38 (1), 127–58
32. Todd D. Gerarden, Richard G. Newell and Robert N. Stavins (2017), ‘Assessing the energy-efficiency gap’, Journal of Economic Literature, 55 (4), December, 1486–525
PART IX ECONOMICS AND ENVIRONMENTAL POLICY MAKING
33. A. Myrick Freeman III (2002), ‘Environmental policy since Earth Day I: what have we gained?’, Journal of Economic Perspectives, 16 (1), Winter, 125–46
34. Robert W. Hahn (2000), ‘The impact of economics on environmental policy’, Journal of Environmental Economics and Management, 39 (3),
May, 375–99
Index
