Resource and Environmental Economics
CUP Archive, Nov 30, 1981 - Business & Economics - 284 pages
This book presents the major themes of the economic literature on natural resources and the environment. It is designed to bring the reader, in part with the aid of a unified model of optimal resource use, to the frontiers of the discipline, using only elementary mathematical models. Features special to exhaustible and renewable resources, including the problems posed by market imperfections, are treated as extensions of the basic model. The theoretical discussion is enriched with examples and applications, including a systematic investigation of the behaviour of resource reserves, costs, prices, and substitution possibilities. Substantial attention to environmental, as well as extractive, resources is a distinctive aspect of this book. The author describes methods of estimating the environmental costs of resource development and other projects, and presents some key empirical findings. Policy instruments to protect the environment, such as taxes, subsidies, marketable permits, and direct controls, are carefully analysed from a welfare-theoretic point of view.
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are resources limits
Natural resources and natural
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air pollution allocation analysis approach assumed behavior benefits capital cartel catch locus Chapter coal Coase theorem common-property competitive constraint consumer consumer surplus consumption current price curve decision demand deposits discount rate discussion econometric economists effect efficient elasticity emissions energy Environmental Economics equation equilibrium estimated example exhaustible resources exploration costs externality extraction cost Figure firm Fisher function further growth Hell's Canyon increase indifference curve industry input investment Johns Hopkins Press Kneese Krutilla lead limit to growth marginal cost marginal damage market failures maximize measures mineral natural environment Nordhaus noted numeraire OPEC optimal depletion output period Pindyck present value problem production property values question rate of depletion reduced renewable resources resource owner resource stock rise risk royalty scarcity shadow price social social discount rate sources statistical studies subsidy substitution suggested technical change theoretical theory tion uncertainty United yield
Page 247 - The Determinants of Investment in Petroleum Reserves and Their Implications for Public Policy," Working Paper (University of Massachusetts at Amherst, 1974; processed).
Page 258 - V. Kneese, The Economics of Regional Water Quality Management (Baltimore: Johns Hopkins Press, 1964). 13. NAS-NRC Committee on Pollution, Waste Management and Control (Washington, National Academy of Science — National Research Council, 1966). 14. US, Presidents...
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