Download PDF by Nathaniel O. Keohane: Markets and the Environment (Foundations of Contemporary

By Nathaniel O. Keohane

ISBN-10: 1435651790

ISBN-13: 9781435651791

ISBN-10: 1597260479

ISBN-13: 9781597260473

Markets and the surroundings is a concise but finished advent to an issue of crucial significance in figuring out a variety of environmental matters and coverage techniques. It bargains a transparent evaluation of the basics of environmental economics that would permit scholars and execs to speedy take hold of very important options and to use these thoughts to real-world environmental difficulties. furthermore, the publication integrates normative, coverage, and institutional concerns at a ideas point. Chapters examinethe merits and prices of environmental protectionmarkets and industry failurenatural assets as capital assetssustainability and fiscal improvement Markets and the surroundings is the second one quantity within the Foundations of latest Environmental reports sequence, edited by way of James Gustave Speth. The sequence offers concise courses to crucial matters within the environmental curriculum, incorporating a problem-based method of instructing and studying. Sheila M. Olmstead is assistant professor of environmental economics on the Yale university of Forestry and Environmental reviews. Nathaniel Keohane is assistant professor of economics on the Yale university of administration.

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In many instances, the benefits of taking some action (controlling pollution, say, or providing habitat for endangered species) are increasing at a decreasing rate, while the costs rise more and more rapidly. If so, the proper response—at least if we want to maximize net benefits—is to act until the benefit of one more unit of environmental quality just equals the incremental cost. As a result, zero pollution is typically not an efficient outcome (although the same can also be said for zero pollution control).

The figure illustrates two key points. First, note the wide range in the marginal costs of various techniques: from as little as seven thousand dollars per condor saved per year to protect habitat in low-lying areas, to over two hundred thousand dollars per condor per year to modify power lines and step up law enforcement. Second, note that it is the marginal cost, rather than the the be ne fits and co sts of e nvironme ntal protection 35 The Costs of Protecting the California Condor continued total cost, that determines which measures should be pursued first.

74. ” Discounting requires thinking in reverse. We can also apply this kind of thinking to environmental problems. 05)20 t For a hundred dollars invested today, we would receive today’s equivalent of more than nine hundred dollars in benefits for a net present value of just over eight hundred dollars. 30 markets and the e nvironme nt The Equimarginal Rule in a Dynamic Setting The equimarginal rule that we discussed previously still applies in the dynamic setting, although we must convert marginal benefits and marginal costs into present value terms in order to compare the magnitude of streams of benefits and costs over time.

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Markets and the Environment (Foundations of Contemporary Environmental Studies Series) by Nathaniel O. Keohane

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