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The Economics of the Environment and Natural Resources covers the essential topics students need to understand environmental and resource problems and their possible solutions. Its unique lecture format provides an in-depth exploration of discrete topics, ideal for upper-level undergraduate, graduate or doctoral study. Each chapter depicts the key theoretical insights, major issues, and real-life problems that motivate the subject. In addition, the chapters feature practical applications and case studies, a list of annotated further reading, and extensive references.Offers broad treatment of issues in Environmental and Resource Economics. Provides in-depth exploration of a wide range of topics with its unique lecture format. Depicts key theoretical insights, major issues, and real-life problems for each subject. Features case studies, annotated further reading, extensive references, and a detailed glossary.
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THE
ECONOMICS OF THE ENVIRONMENT AND NATURAL RESOURCES
THE
ECONOMICS OF THE ENVIRONMENT AND NATURAL RESOURCES
R. QUENTIN GRAFTON WIKTOR ADAMOWICZ, DIANE DUPONT HARRY NELSON, ROBERT J. HILL AND STEVEN RENZETTI
© 2004 by R. Quentin Grafton, Wiktor Adamowicz, Diane Dupont, Harry Nelson, Robert J. Hill, and Steven Renzetti 350 Main Street, Malden, MA 02148-5018, USA 108 Cowley Road, Oxford OX4 1JF, UK 550 Swanston Street, Carlton, Victoria 3053, Australia The right of R. Quentin Grafton, Wiktor Adamowicz, Diane Dupont, Harry Nelson, Robert J. Hill, and Steven Renzetti to be identified as the Authors of this Work has been asserted in accordance with the UK Copyright, Designs, and Patents Act 1988. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, except as permitted by the UK Copyright, Designs, and Patents Act 1988, without the prior permission of the publisher. First published 2004 by Blackwell Publishing Ltd Library of Congress Cataloging-in-Publication Data The economics of the environment and natural resources/by R. Quentin Grafton … [et al.]. p. cm. Includes bibliographical references and index. ISBN 0-631-21563-8 (hardcover: alk. paper) – ISBN 0-631-21564-6 (pbk.: alk. paper) 1. Environmental economics. 2. Natural resources. 3. Environmental policy. I. Grafton, R. Quentin, 1962HC79.E5L42 2004 333.7–dc21 2003007539 A catalogue record for this title is available from the British Library. Set in 10/12 1/2 ; Book Antique by Newgen Imaging Systems (P) Ltd, Chennai, India Printed and bound in the United Kingdom By MPG Books, Bodmin, Cornwall For further information on Blackwell Publishing, visit our website: http://www.blackwellpublishing.com
This book is dedicated to the special people in our lives who share both our joys and sorrows (and everything in between!): Ariana, Brecon, and Carol-Anne; Sharon, Beth, and Kate; Allie and Nicholas; Alex and Joanne; Miriam.
CONTENTS
List of Figures List of Tables List of Boxes Preface Acknowledgements Introduction
Part I Economics of the Environment 1 Models, Systems, and Dynamics 2 Property Rights 3 Economics of Pollution Control
ix xii xiii xv xvi 1
5 7 36 61
Part II Resource Economics 4 Bioeconomics of Fisheries 5 Forestry Economics 6 Water Economics 7 Economics of Non-renewable Resources
93 95 129 161 193
Part III Environmental Valuation 8 Environmental Valuation: Introduction and Theory 9 Environmental Valuation: Stated Preference Methods 10 Environmental Values Expressed Through Market Behavior
219 221 249 277
Part IV Global Environment 11 Growth and the Environment 12 Environmental Accounting
313 315 344
viii
13 14 15 16
CONTENTS
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