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Markets and the Environment is an accessible yet comprehensive introduction to environmental economics. It examines the benefits and costs of environmental protection, markets and market failures, and natural resources as capital assets. With clear explanations of fundamental concepts, it offers students a broad understanding of a wide range of environmental issues and policy approaches. Book jacket.
Nathaniel O. Keohane is Associate 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
Table of Contents
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
Efficiency and Environmental Policy
Equating Benefits and Costs on the Margin
Dynamic Efficiency and Environmental Policy
The Benefits and Costs of Environmental Protection
The Efficiency of Markets
Competitive Market Equilibrium
The Efficiency of Competitive Markets
Market Failures in the Environmental Realm
The Tragedy of the Commons
Managing Stocks: Natural Resources as Capital Assets
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
Promoting Technological Change
Market-Based Instruments for Managing Natural Resources
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
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