The services of ecological systems and the natural capital stocks that produce them are critical to the functioning of the Earth's life-support system. They contribute to human welfare, both directly and indirectly, and therefore represent part of…
Environmental Economics
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27,739 papers
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Payments for environmental services (PES) have attracted increasing interest as a mechanism to translate external, non-market values of the environment into real financial incentives for local actors to provide environmental services (ES). In this…
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Market failures associated with environmental pollution interact with market failures associated with the innovation and diffusion of new technologies. These combined market failures provide a strong rationale for a portfolio of public policies that…
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This article provides an alternative and novel theoretical approach to the conceptualization and analysis of payments for environmental services (PES). We devote special emphasis to institutional and political economy issues, which have been…
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This paper reviews the historic development of the conceptualization of ecosystem services and examines critical landmarks in economic theory and practice with regard to the incorporation of ecosystem services into markets and payment schemes. The…
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There is a growing consensus among natural and social scientists that sustainability depends on maintaining natural capital. However, progress to put this ecological condition to practice has been slow, not least because of the inability of making…
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An increasing amount of information is being collected on the ecological and socio-economic value of goods and services provided by natural and semi-natural ecosystems. However, much of this information appears scattered throughout a disciplinary…
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This paper is concerned with those actions of business firms which have harmful effects on others. The standard example is that of a factory the smoke from which has harmful effects on those occupying neighboring properties. The economic analysis of…
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The choice of pollution control instrument is a crucial environmental policy decision. We examine the extent to which various environmental policy instruments meet major evaluation criteria, including cost-effectiveness, distributional equity, the…
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In a world of certainty, the design of environmental policy is relatively straightforward, and boils down to maximizing the present value of the flow of social benefits minus costs. But the real world is one of considerable uncertainty-over the…
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We use hedonic techniques to show that water quality has a significant effect on property values along the Chesapeake Bay. We calculate the potential benefits from an illustrative (but limited) water quality improvement, and we calculate an upper…
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The concept of ecosystems services has become an important model for linking the functioning of ecosystems to human welfare. Understanding this link is critical for a wide-range of decision-making contexts. While there have been several attempts to…
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Five ecosystem services that could be restored along a 45-mile section of the Platte river were described to respondents using a building block approach developed by an interdisciplinary team. These ecosystem services were dilution of wastewater,…
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This paper addresses the relationship between equity and efficiency in PES schemes from a conceptual point of view. Emphasis is placed on the role of the institutional setting, social perceptions about economic fairness (or distributive justice of…
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I use U.S. patent data from 1970 to 1994 to estimate the effect of energy prices on energy-efficient innovations. Using patent citations to construct a measure of the usefulness of the existing base of scientific knowledge, I consider the effect of…
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With climate change as prototype example, this paper analyzes the implications of structural uncertainty for the economics of low- probability, high-impact catastrophes. Even when updated by Bayesian learning, uncertain structural parameters induce…
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This paper presents a critical history of the environmental Kuznets curve (EKC). The EKC proposes that indicators of environmental degradation first rise, and then fall with increasing income per capita. Recent evidence shows however, that…
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When studying solutions to long-term environmental problems such as climate change, it is important to consider the role that technological change may play. Nonetheless, to date few economic models of environmental policy explicitly model the link…
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Uncertainty about compliance costs causes otherwise equivalent price and quantity controls to behave differently and leads to divergent welfare consequences. Although most of the debate on global climate change policy has focused on quantity…
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This paper aims to assist policy makers in formulating afficient and sustainable wetland management policies in accordance with the Ramsar Convention and the European Union Water framework directive (2000/60/EC), by providing results of a valuation…
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