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Copyright, iv
Contents, v
Preface, xiii
INTRODUCTION, 1
Chapter 1. Four Economic Questions about Global Warming, 3
1.0. Introduction, 3
1.1. How Much Pollution Is Too Much?, 7
1.2. Is Government Up to the Job?, 11
1.3. How Can We Do Better?, 11
1.4. Can We Resolve Global Issues?, 14
1.5. Summary, 16
Part I. HOW MUCH POLLUTION IS TOO MUCH?, 21
Chapter 2. Ethics and Economics, 23
2.0. Introduction, 23
2.1. Utility and Utilitarianism, 24
2.2. Social Welfare, 26
2.3. Summary, 29
Chapter 3. Pollution and Resource Degradation as Externalities, 32
3.0. Introduction, 32
3.1. The Open Access Problem, 34
3.2. The Public Goods Problem, 39
3.3. Summary, 42
Appendix 3A. Overfishing, ITQs, and Aquaculture, 45
Chapter 4. The Efficiency Standard, 51
4.0. Introduction, 51
4.1. Efficiency Defined, 51
4.2. Efficient Pollution Levels, 54
4.3. Marginals and Totals, 58
4.4. The Coase Theorem Introduced, 60
4.5. Air Pollution Control in Baltimore: Calculating the Efficient Standard, 61
4.6. The Ethical Basis of the Efficiency Standard, 62
4.7. Summary, 63
Chapter 5. The Safety Standard, 71
5.0. Introduction, 71
5.1. Defining the Right to Safety, 72
5.2. The Safety Standard: Inefficient, 74
5.3. The Safety Standard: Not Cost-Effective, 76
5.4. The Safety Standard: Regressive?, 77
5.5. Siting Hazardous Waste Facilities: Safety versus Efficiency, 80
5.6. Summary, 83
Chapter 6. Sustainability: A Neoclassical View, 89
6.0. Introduction, 89
6.1. Measuring Sustainability: Net National Welfare, 91
6.2. Natural Capital Depreciation, 94
6.3. Future Benefits, Costs, and Discounting, 97
6.4. An Example of Discounting: Lightbulbs, 99
6.5. Choosing the “Right” Discount Rate for Pollution Control, 100
6.6. Social Discounting versus Market Discounting, 103
6.7. Summary, 107
Appendix 6A. Nonrenewable Resource Economics 101, 112
Chapter 7. Sustainability: An Ecological View, 118
7.0. Introduction, 118
7.1. Malthus and Ecological Economics, 119
7.2. Measuring Sustainability, 122
7.3. The Precautionary Principle, 125
7.4. Markets, Governments, and the EIS, 130
7.5. The Ecological-Neoclassical Debate in Context, 133
7.6. Summary, 135
Appendix 7A. Game Theory and the Safe Minimum Standard, 139
Chapter 8. Measuring the Benefits of Environmental Protection, 142
8.0. Introduction, 142
8.1. Use, Option, and Existence Value: Types of Nonmarket Benefits, 143
8.2. Consumer Surplus, WTP, and WTA: Measuring Benefits, 144
8.3. Risk: Assessment and Perception, 147
8.4. Measuring Benefits I: Contingent Valuation, 150
8.5. Measuring Benefits II: Travel Cost, 154
8.6. Measuring Benefits III: Hedonic Regression, 156
8.7. The Value of Human Life, 157
8.8. Summary, 159
Appendix 8A. WTA and WTP Redux, 164
Chapter 9. Measuring the Costs of Environmental Protection, 169
9.0. Introduction, 169
9.1. Engineering Costs, 170
9.2. Productivity Impacts of Regulation, 171
9.3. Employment Impacts of Regulation, 174
9.4. Monopoly Costs, 181
9.5. General Equilibrium Effects, 182
9.6. Summary, 187
Chapter 10. Benefit–Cost in Practice: Implementing the Efficiency Standard, 192
10.0. Introduction, 192
10.1. Doing Benefit–Cost: Lead Standards, 194
10.2. Doing Benefit–Cost: Landfill Regulation, 201
10.3. Political Influence in Benefit–Cost, 204
10.4. Is Benefit–Cost Up to the Job?, 208
10.5. Summary, 208
Chapter 11. Is More Really Better? Consumption and Welfare, 213
11.0. Introduction, 213
11.1. Money and Happiness, 214
11.2. Social Norms and the Rat Race, 215
11.3. Positional Goods and Consumption Externalities, 219
11.4. Welfare with Social Consumption, 221
11.5. Controlling the Impact of Consumption, 223
11.6. Summary, 226
Part II. IS GOVERNMENT UP TO THE JOB?, 231
Chapter 12. The Political Economy of Environmental Regulation, 233
12.0. Introduction, 233
12.1. The Process of Environmental Regulation, 234
12.2. Regulation under Imperfect Information, 236
12.3. Bureaucratic Discretion and Political Influence, 238
12.4. Who Wins the Influence Game?, 240
12.5. Political Reform of Regulation, 243
12.6. Better Information, More Democracy, 245
12.7. Summary, 247
Chapter 13. An Overview of Environmental Legislation, 252
13.0. Introduction, 252
13.1. Cleaning the Air, 253
13.2. Fishable and Swimmable Waters, 257
13.3. Hazardous Waste Disposal on Land, 259
13.4. Chemicals and Pesticides, 263
13.5. Endangered Species Protection, 266
13.6. Summary, 268
Chapter 14. The Regulatory Record: Achievements and Obstacles, 272
14.0. Introduction, 272
14.1. Accomplishments of Environmental Regulation, 272
14.2. Normative Criticisms of Regulation, 276
14.3. Cost-Effectiveness Criticisms of Regulation, 277
14.4. Beyond Regulation? Promoting Clean Technology, 279
14.5. Summary, 282
Chapter 15. Monitoring and Enforcement, 286
15.0. Introduction, 286
15.1. The Economics of Crime, 286
15.2. The Economics of Punishment, 289
15.3. The Compliance Record, 292
15.4. The Political Economy of Enforcement, 293
15.5. Citizen Enforcement, 296
15.6. Cost-Effective Enforcement, 297
15.7. Summary, 298
Part III. HOW CAN WE DO BETTER?, 303
Chapter 16. Incentive-Based Regulation: Theory, 305
16.0. Introduction, 305
16.1. The Cost-Effectiveness Rule, 306
16.2. IB Regulation and Cost-Effectiveness, 310
16.3. IB Regulation and Technological Progress, 313
16.4. Potential Problems with IB Regulation, 315
16.5. Summary, 321
Appendix 16A. Imperfect Regulation in an Uncertain World, 323
Appendix 16B. Incentive-Compatible Regulation, 329
Chapter 17. Incentive-Based Regulation: Practice, 335
17.0. Introduction, 335
17.1. Lead and Chlorofluorocarbons, 336
17.2. Trading Urban Air Pollutants, 337
17.3. Marketable Permits and Acid Rain, 341
17.4. Recent US Cap-and-Trade Moves: Carbon Dioxide and Mercury?, 345
17.5. Pollution Taxes and their Relatives in the United States, 347
17.6. Carbon Dioxide Trading and Taxes in Europe, 351
17.7. Summary, 354
Chapter 18. Promoting Clean Technology: Theory, 358
18.0. Introduction, 358
18.1. Path Dependence and Clean Technology, 359
18.2. Clean Technology Defined, 360
18.3. If You’re So Smart, Why Aren’t You Rich?, 364
18.4. Picking the Winning Path, 367
18.5. Promoting Small-Scale CTs, 369
18.6. Promoting Large-Scale CTs, 372
18.7. Clean Technology: Two Case Studies, 374
18.8. Summary, 380
Chapter 19. Energy Policy and the Environment, 387
19.0. Introduction, 387
19.1. Technology Options: Electricity and Heat, 388
19.2. Policy Options: Electricity and Heat, 395
19.3. Technology Options: Transport, 400
19.4. Policy Options: Transport, 404
19.5. Slowing Global Warming at a Profit?, 408
19.6. Summary, 409
Part IV. CAN WE RESOLVE GLOBAL ISSUES?, 415
Chapter 20. Poverty, Population, and the Environment, 417
20.0. Introduction, 417
20.1. Poverty and the Environment, 419
20.2. The Population Picture in Perspective, 423
20.3. An Economic Approach to Family Size, 426
20.4. Controlling Population Growth, 428
20.5. Consumption and the Global Environment, 433
20.6. Envisioning a Sustainable Future, 435
20.7. Summary, 438
Chapter 21. Environmental Policy in Poor Countries, 443
21.0. Introduction, 443
21.1. The Political Economy of Sustainable Development, 444
21.2. Ending Environmentally Damaging Subsidies, 446
21.3. Establishing and Enforcing Property Rights, 449
21.4. Regulatory Approaches, 451
21.5. Sustainable Technology: Development and Transfer, 456
21.6. Resource Conservation and Debt Relief, 459
21.7. Trade and the Environment, 464
21.8. Summary, 469
Chapter 22. The Economics of Global Agreements, 474
22.0. Introduction, 474
22.1. Agreements as Public Goods, 475
22.2. Monitoring and Enforcement, 476
22.3. The Ozone Layer and Biodiversity, 478
22.4. Stopping Global Warming: Theory, 483
22.5. Stopping Global Warming: Reality, 487
22.6. Summary, 489
Selected Web Sites for Environmental and Natural Resource Economists, 494
Author Index, 497
Subject Index, 501

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