Environmental and natural resource economics (the pearson series in economics)

Environmental & Natural Resource Economics 10th Edition Environmental & Natural Resource Economics 10th Edition Tom Tietenberg Emeritus, Colby College Lynne Lewis Bates College First published 2009 by Pearson Education, Inc Published 2016 by Routledge Park Square, Milton Park, Abingdon, Oxon OX14 4RN 711 Third Avenue, New York, NY 10017, USA Routledge is an imprint of the Taylor & Francis Group, an informa business Copyright © Taylor and Francis All rights reserved No part of this book may be reprinted or reproduced or utilised in any form or by any electronic, mechanical, or other means, now known or hereafter invented, including photocopying and recording, or in any information storage or retrieval system, without permission in writing from the publishers Notice: Product or corporate names may be trademarks or registered trademarks, and are used only for identification and explanation without intent to infringe Library of Congress Cataloging-in-Publication Data Tietenberg, Thomas H Environmental & natural resource economics / Tom Tietenberg, Emeritus, Colby College, Lynne Lewis, Bates College — 10th Edition pages cm Includes index ISBN-13: 978-0-13-347969-0 ISBN-10: 0-13-347969-2 Environmental economics Environmental policy Natural resources—Government policy Raw materials—Government policy I Lewis, Lynne II Title HC79.E5T525 2014 333.7—dc23 2013050399 Contents in Brief 10 11 12 13 14 15 16 17 18 19 Preface Visions of the Future The Economic Approach: Property Rights, Externalities, and Environmental Problems Evaluating Trade-Offs: Benefit-Cost Analysis and Other DecisionMaking Metrics Valuing the Environment: Methods Dynamic Efficiency and Sustainable Development Depletable Resource Allocation: The Role of Longer Time Horizons, Substitutes, and Extraction Cost Energy: The Transition from Depletable to Renewable Resources Recyclable Resources: Minerals, Paper, Bottles, and E-Waste Water: A Confluence of Renewable and Depletable Resources A Locationally Fixed, Multipurpose Resource: Land Storable, Renewable Resources: Forests Common-Pool Resources: Commercially Valuable Fisheries Ecosystem Goods and Services: Nature’s Threatened Bounty Economics of Pollution Control: An Overview Stationary-Source Local and Regional Air Pollution Climate Change Mobile-Source Air Pollution Water Pollution Toxic Substances and Environmental Justice 20 The Quest for Sustainable Development 21 Visions of the Future Revisited Answers to Self-Test Exercises Glossary Name Index Subject Index Contents Preface Visions of the Future Introduction The Self-Extinction Premise EXAMPLE 1.1 A Tale of Two Cultures Future Environmental Challenges Climate Change Water Accessibility Meeting the Challenges How Will Societies Respond? The Role of Economics DEBATE 1.1 Ecological Economics versus Environmental Economics The Use of Models EXAMPLE 1.2 Experimental Economics: Studying Human Behavior in a Laboratory The Road Ahead The Issues DEBATE 1.2 What Does the Future Hold? An Overview of the Book Summary Discussion Questions Self-Test Exercise Further Reading The Economic Approach: Property Rights, Externalities, and Environmental Problems Introduction The Human–Environment Relationship The Environment as an Asset The Economic Approach EXAMPLE 2.1 Economic Impacts of Reducing Hazardous Pollutant Emissions from Iron and Steel Foundries Environmental Problems and Economic Efficiency Static Efficiency Property Rights Property Rights and Efficient Market Allocations Efficient Property Rights Structures Producer’s Surplus, Scarcity Rent, and Long-Run Competitive Equilibrium Externalities as a Source of Market Failure The Concept Introduced Types of Externalities EXAMPLE 2.2 Shrimp Farming Externalities in Thailand Perverse Incentives Arising from Some Property Right Structures Public Goods Imperfect Market Structures EXAMPLE 2.3 Public Goods Privately Provided: The Nature Conservancy Asymmetric Information Government Failure The Pursuit of Efficiency Private Resolution through Negotiation—Property, Liability and the Coase Theorem Legislative and Executive Regulation EXAMPLE 2.4 Can Eco-Certification Make a Difference? Organic Costa Rican Coffee An Efficient Role for Government Summary Discussion Questions Self-Test Exercises Further Reading Evaluating Trade-Offs: Benefit-Cost Analysis and Other Decision-Making Metrics Introduction Normative Criteria for Decision Making Evaluating Predefined Options: Benefit-Cost Analysis Finding the Optimal Outcome Relating Optimality to Efficiency Comparing Benefits and Costs across Time Dynamic Efficiency Applying the Concepts Pollution Control Estimating Benefits of Carbon Dioxide Emission Reductions EXAMPLE 3.1 Does Reducing Pollution Make Economic Sense? Evidence from the Clean Air Act EXAMPLE 3.2 Using the Social Cost of Capital: The DOE Microwave Oven Rule Issues in Benefit Estimation Approaches to Cost Estimation The Treatment of Risk Distribution of Benefits and Costs Choosing the Discount Rate EXAMPLE 3.3 The Importance of the Discount Rate Divergence of Social and Private Discount Rates DEBATE 3.1 Discounting over Long Time Horizons: Should Discount Rates Decline? A Critical Appraisal Cost-Effectiveness Analysis Impact Analysis Summary Discussion Questions Self-Test Exercises Further Reading Valuing the Environment: Methods Introduction Why Value the Environment? DEBATE 4.1 Should Humans Place an Economic Value on the Environment? Valuation Types of Values Classifying Valuation Methods Stated Preference Methods DEBATE 4.2 Willingness to Pay versus Willingness to Accept: Why So Different? EXAMPLE 4.1 Leave No Behavioral Trace: Using the Contingent Valuation Method to Measure Passive-Use Values Revealed Preference Methods EXAMPLE 4.2 Using the Travel Cost Method to Estimate Recreational Value: Beaches in Minorca, Spain Benefit Transfer and Meta Analysis Using Geographic Information Systems to Enhance Valuation EXAMPLE 4.3 Using GIS to Inform Hedonic Property Values: Visualizing the Data Challenges Pollution havens, 515–516 Pollution Prevention Act (PPA), 500 Population fall of civilizations and, growth, and disposal costs, 175–176 resource scarcity and, 532 Porter induced innovation hypothesis, 516 Positive economics, 18 Positive externalities, 240–241, 430 Positive feedback loops, 6, Potentially responsible parties (PRPs), 499 Potential reserves, 123 Poverty deforestation and, 265–266 in developing countries, 246 Preferential use principle, 211 Pregnant women, occupational hazards and, 487 Present value benefit-cost analysis, 51–52 expected, of net benefits, 60–61 of marginal net benefit, 107–108 of marginal user cost, 109 Pretreatment standards, 467, 481 Price ceilings, 35, 147–149 Price controls, on natural gas, 147–149 Price elasticity of demand, 151, 227 Prices corn, 237 food, 236 water, 221–227 Price system, 22 Primary effects, 57–58 Primary standard, 379 Prior appropriation doctrine, 209–210, 211 Private discount rate, 64–67 Private property, 27 See also Property rights Private toll roads, 435 Privatization of commercial fisheries, 304 water, 229–230 Producer surplus, 20–21, 23, 32–33 Product charges, as indirect environmental tax, 371 Production tax credit (PTC), 166 Product safety, 488–489 Profit maximization, 122, 136, 262, 287 Profits, producer surplus and, 23 Propane, 155 Property rights allocation of, 38–39 common-property regimes, 27 in developing countries, 244–246 efficient market allocations and, 21 efficient structures, 22 establishment of, 247 of natural resources, 134–136 open-access, 27, 28–30 prior appropriation doctrine and, 209–210, 211 res nullius, 27, 28 riparian rights, 209 state-property regimes, 27 structures, perverse incentives from, 27–30 trade and, 514–515 Property rules, 38 Property taxes, 241–242 adjustments, 250–251 Property values, hedonic method, 87, 89, 91, 92 Proposition 65, 501–502, 503 Provisioning services, 317 Public goods, 30–32, 33 Public infrastructure, 238–239 Public lands, 185–186 Public-private partnerships, 538 Public purpose, 245 Public transport pricing, 437 Quotas, fisheries, 294–300, 301 Race to the bottom, 515–516 Radioactive waste, 161–162 Random utility model, 87, 88 Raw materials extraction of, 195–196 products made from, 176 subsidies on, 185–186 Real consumption per capita, 523 Real resource costs, 293–294 Receiving areas, 247 Reclamation Act, 210 Recreational value, estimating, 88 Recyclable resources definition of, 125 disposal costs, 175–176, 183–185 efficient allocation of, 175–179 e-waste, 193–195 extraction costs, 175–176 market imperfection and, 183–192 minerals, 173–175 overview of, 173 public policies, 186–192 refundable deposits, 188–190 scarcity and, 179–182 scrap market and, 185 subsidies on raw materials and, 185–186 take-back principle, 192 Recycled products, market for, 176, 193 Recycling, 125, 126, 175 aluminum, 176, 177, 188–189 copper, 177 costs of, 178 curbside programs, 177, 187–188 disposal costs and, 176 lead, 179 ore depletion and, 178–179 overview of, 177–178 pollution damage and, 195–196 rates of, 177 regulations on, 178 Reducing Emissions from Deforestation and Forest Degradation (REDD) program, 331, 332 Reefs, value of, 319–320, 321 Refundable deposits, for recyclables, 188–190 Refuse Act, 452 Regional Clean Air Incentives Market (RECLAIM), 388–389, 410 Regional Greenhouse Gas Initiative (RGGI), 367–368, 410, 412 Regional pollutants, 344, 390–394 Regulating services, 317 Regulations cost of risk-reducing, 100–101 fisheries, 291–293 legislative and executive, 40–41 on natural gas, 147–149 time-restriction, 293 on wood-burning stoves, 43 Regulatory takings, 242 Renewable energy, policies to promote, 165–167 Renewable Energy Credits (RECs), 165 Renewable fuels, transition to, 145 Renewable Portfolio Standards (RPS), 165, 166 Renewable resources cost-effectiveness of, 166 definition of, 126 efficient allocation of, 123 for electricity, 162–167 feed-in tariffs for, 165–167 management of, 126–127 overharvesting of, 51 storage of, 126 as substitute for depletable resources, 129–131, 143–144 sustainability and, 513 Rent, scarcity, 23–24, 149, 180, 207 Rental housing markets, energy efficiency in, 168–169 Rent seeking, 35 Reproductive effects, of toxic chemicals, 482 Research and development (R&D), 404 Residential development, 236 Res nullius property resources, 27, 28 Resource allocation agricultural land, 236–237 property rights and, 21 property rules and, 38 of public goods, 30–32 static efficiency and, 19–21 See also Efficient allocation Resource endowment, 123 Resources common-pool, 28 common-property, 27 demand for, depletable See Depletable resources exploration of, 133–134, 180 food production See Agriculture hoarding of, land See Land natural resource curse, 520, 521 open-access, 27, 28–30 renewable See Renewable resources timber See Forests water See Water Resource scarcity conceptualizing problem of, 531–533 countering, 532 factors mitigating, 179–182 institutional responses to, 533–536 population growth and, 532 substitution and, 181–182 technological progress and, 180 See also Scarcity Resource taxonomy, 122, 123–127 Responsible Electronics Recycling Act, 504 Return flow, 212 Reusable products, 125 Revealed preference methods, 79, 86–89 Rio Grande River, 215, 221 Rio Summit, 508 Riparian rights, 209–210 Risk perception, 496 premium, 64–65 treatment of, 60–62 Risk-averse behavior, 61 Risk-free cost of capital, 64 Risk-loving behavior, 61 Risk-neutrality, 61 Rivers, pollution sources in, 447 Road congestion, 423–424, 441 Road construction, 422 Road pricing, 433–441 Roman Empire, 1–2 Russia, Lead phaseout program in, 426–427 Safe Drinking Water Act, 456 Safe Drinking Water and Toxic Enforcement Act of 1986, 501–502 Safe harbor agreements, 338–339 Salmon farming, 304 Sarawak, 271 Saudi Arabia, OPEC and, 154 Scale effect, 515, 518 Scarcity exploration and discovery and, 180 factors mitigating, 179–182 intertemporal, 109 population growth and, 2–3 potential for water, 201–205 Simon-Ehrlich wager, 182 substitution and, 181–182 technological progress and, 180 See also Resource scarcity Scarcity rent, 23–24, 28, 149, 180, 207 Scrap disposal costs and scrap market, 185 lead, 179 old scrap vs new scrap, 183–184 processing costs in recycling and, 178 Sea level rise, 3–4, Secondary effects, 57–58 Secondary standard, 379 Second equimarginal principle, 68 Second law of thermodynamics, 17–18 Self-enforcing agreements, 402–403 Self-extinction premise, 1–3 Self-interest, 22 Sending areas, 247 Sensitivity analysis, 58–59 Sewage treatment plants, 466–467 Shrimp farming externalities, 26 Singapore, mobile-source air pollution control strategies in, 436 Skin cancer, 406 Smog ambient standards, 382 Smog trading, 388–389 Social costs of capital, 57 of carbon emissions, 56, 57 of driving, 423 Social discount rate, 64–67 Social marginal benefits, 50 Social opportunity cost, of capital, 62 Social policy, 35 Societies, response to environmental challenges by, 6–9 Soil erosion, 126, 255, 533 Solar energy, 126 Solid waste disposal, 191 optimal amount of, 49 South Africa, water market in, 219 South Coast Air Quality Management District, 432 Space exploration, 17 Special interest groups, 35 Species extinction, 264–265, 278, 286, 289 Speculative resources, 124 Sport utility vehicles (SUVs), 422–423 Sprawl, 238–239 Stable equilibrium, 280 Starting-point bias, 80 Stated preference methods, 79–86 State implementation plan (SIP), 379 State of the World 2012 report, 11 State-property regimes, 27 Static efficiency, 32, 105 in allocation of resources, 19–21 optimality and, 49–51 Static efficient sustainable yield, 281–284 Statistical studies, 76–77 Statutory law, 499–500 Steel industry externalities in, 24, 25, 37–38 government subsidies in, 35, 36 Stock pollutants efficient allocation of, 345–346 externalities from, 350 overview of, 344 in water, 450, 452 Storm intensity, Strategic bias, 80 Strategic petroleum reserve (SPR), 157, 158 Strict liability, 498–499 Strikes, 40 Strip mining, 136, 196 Strong sustainability, 117 Stumpage value, 263 Suboptimal allocations, 51 Subsidies fisheries, 304–305 municipal wastewater treatment, 466–467 parking, 436–437 to promote recycling, 191 on raw materials, 185–186 transport, 422–423 water services, 210 Substitution, 181–182 Sulfur allowance trading program, 393–394 Sulfur dioxide emissions, 386, 390, 392–394 Sun, energy from, 17 Superfund Act, 496, 499–500 Superfund sites, 496 Suppliers, non-cartel member, 152–153 Supporting services, 317 Surface pollutants, 359–365 Surface water, 202, 205–207, 446 Survey approach, to cost estimation, 59 Susceptible populations, occupational hazards and, 487 Sustainability environmental, 116, 117 fisheries and, 282, 283–284 strong, 117 weak, 117 Sustainability criterion, 111 application of, 114–116 implications for environmental policy, 116 Sustainable development ecotourism and, 335 efficiency and, 511–514, 534–535 externalities as barriers to, 533–534 future of, 536–539 growth-development relationships, 520–526 incentives for, 537–539 induced innovation hypothesis, 516 introduction to, 508 market allocations, 511 Nauru example, 115 private incentives for, 534 public policy and, 537 renewable resources and, 513 scenarios for, 509–511 technological progress and, 513 trade and, 514–520 Sustainable forestry, 266–267, 268 Sustainable yield, 280 Sweden fuel economy standards, 430 Swedish nitrogen charge, 366 water pollution approach in, 471 Switzerland, grazing rights in, 27 Synergistic effects, 483 Take-back principle, 192 Tangible benefits, 58 Tankers, oil spills from, 474–475 Tax base, 241 Tax credits for electric vehicles, 438 for renewable energy, 165, 166 Taxes carbon, 407–412 on effort, 293 environmental taxation, 371 on fisheries, 293–294 fuel, 429, 433–434 inheritance, 242–243 land-use conversion and, 241–243 to promote recycling, 191 property, 241–242 vehicle miles traveled (VMT), 435 Taxol, 272 Tax rate, 241 Taylor Grazing Act, 248 Technique effect, 515 Technological progress, 125, 133–134 emissions standards and charges and, 356 in fishing industry, 293 in iron ore industry, 135 pollution and, 346 resource scarcity and, 180 sustainability and, 513 transferable quotas and, 295 Technology diffusion, in chlorine-manufacturing sector, 396 Terrestrial biosphere, carbon sequestration in, 402 Territorial use rights fisheries (TURFs), 294, 300–301 Thailand, shrimp farming externalities in, 26 Thermal pollution, 449 Thermoelectric power generation, water used in, 202 Third parties, toxic substances and, 489–490 Three Gorges Dam, Timber resources special attributes of, 255–256 See also Forests Time benefit-cost analysis across, 51–52 preferences, 66 Times Beach, Missouri, 500 Toll roads, 435 Total allowable catches (TACs), 296–297, 301 Total costs, 47 Total Maximum Daily Load (TMDL) program, 455–456 Total suspended solids (TSS), 473 Total willingness to pay (TWP), 20, 78 Tourism, 273, 334–335 Toxicity, 481, 483 Toxic Release Inventory (TRI) data, 492 Toxic Release Inventory (TRI) program, 500–501 Toxic substance pollution bisphenol A example, 484 common law and, 498–499 compensation for, 496–497 hazardous waste siting decisions, 490–504 health effects of, 482 international agreements, 502–504 introduction to, 480–481 latency and, 482, 483 market allocation, 484–490 nature of, 481–482 nature of substances, 483 occupational hazards, 485–488 policy issues, 482–484 policy responses to, 495–497 product safety, 488–489 Proposition 65, 501–502, 503 resolution of, 539 risk perception and, 496 statutory law and, 499–500 third-party victims, 489–490 Toxic Release Inventory (TRI) program, 500–501 uncertainty and, 483 Toxic Substances Control Act, 499 Trade Environmental Kuznets Curve (EKC) and, 516–519 environment and, 514–520 GATT, 519–520 North American Free Trade Agreement (NAFTA), 518 pollution havens and, 515–516 product vs process concerns, 519 property rights and, 514–515 race to the bottom and, 515–516 World Trade Organization (WTO), 519 Tradeable entitlement systems, 329–333 Trade-offs, 98 Traffic congestion, 423–424, 441 Transaction costs, 40, 467 Transboundary effects, 324 Transferability, of property rights, 22 Transferable development rights (TDR), 247–248 Transferable entitlements, 331–332 Transfer costs, 293–294 Transportation costs, 239 Transportation Sustainability Research Center (TSRC), 431 Transport subsidies, 422–423 Trash collection, 184–185 Trash disposal pricing, 186–187 Travel-cost method, 86–87, 88 Trees See Forests Tropical Forest Conservation Act (TFCA), 269 Tropical forests, 264–265 Tropospheric ozone depletion, 406 Trust funds, for habitat preservation, 273 Tucson, Arizona, water scarcity in, 202 TURFs See Territorial use rights fisheries (TURFs) Two-part charges, 222 Two-period model, 106–110, 127 Ultraviolet radiation, 406 Undiscovered resources, 124 UN Environment Program, 202 Uniform emission charge (EUC), 462 Uniform treatment (UT) strategy, 461 Union Carbide plant, 480–481 United Church of Christ Commission for Racial Justice, 491 United Nations, Millennium Development Goals, 317, 472 United Nations Conference on Environment and Development, 508 United Nations Development Program (UNDP), 525 United Nations Environment Program, 387 United Nations Framework Convention on Climate Change (UNFCCC), 405 United States approach to mobile-source air pollution in, 425–426 desalination in, 228–229 forest growth in, 267 role of nonfuel minerals in economy, 174 strategic petroleum reserve of, 157, 158 water market in, 219 water use estimates in, 203 wind power in, 162 Uranium, 161–162 Uranium tailings, 136, 161 Urban land acreage, 236 USDA National Organic Program, 41 U.S Department of Agriculture, 455 Use value, 77 U.S Fish and Wildlife Service, 74 Usufructuary right, 209–210 U.S Virgin Islands, value of coral reefs in, 321 Value of statistical life (VSL), 97–100 Valuing the environment attribute-based methods, 85–86 averting or defensive expenditures, 91 benefit transfers and, 89–90, 96 challenges and innovation in, 324–326 challenges in, 92–95 conjoint analysis, 85–86 contingent ranking, 86 contingent valuation, 79–80, 81–83, 84–86 ecosystem services, 318–326 geographic information systems (GIS) for, 90–92 hedonic property value and hedonic wage approaches, 87, 89, 91, 92 human life, value of, 95–100 meta analysis, 89–90 methods for, 78–79 overview of, 73–74 partial values, 95 polar bear, value of, 96–97 pollution example, 75–77 random utility model, 87, 88 reasons for, 74–75 reefs, 319–320 revealed preference methods, 79, 86–89 stated preference methods for, 79–86 summary of, 102 travel-cost method, 86–87, 88 types of values, 77–78 water supplies, 93 water value, 214 willingness to pay vs willingness to accept, 82–83 Vehicle miles traveled (VMT) tax, 435 Vehicles See Automobiles Veil of ignorance, 111 Volume pricing, for water, 222 Voters, ignorance of, 35 Wages hedonic approach to, 87, 89, 99 risky occupations and, 485–486 Warm glow effect, 83 Waste disposal, 175–176 Waste Electrical and Electronic Equipment (WEEE) directive, 192 Wastewater treatment plants, 453, 466–467, 481 Water accessibility, as environmental challenge, 4–5 access to clean, 204 agricultural water pricing, 212–213 availability of, 200 banks, 216 beneficial use principle, 211, 220 common property problems, 215 conjunctive use, 208 conservation, 217 consumptive use, 212 contamination of, 237 current allocation system for, 208–215 desalination, 227–229 drinking, 204, 456, 472–473 efficient allocation of, 205–208, 457–458 as essential, 200 federal reclamation projects, 212–213 GIS and, 230 groundwater, 202, 207–208, 446 hydrologic cycle, 201 inefficiencies, 210–215 instream flow protection, 220, 221 instream flows, 213, 215 for irrigation, 202, 237 markets, 216–220 municipal and industrial water pricing, 213 open-access problems, 215 oxygen level in, 448–449 preferential use principle, 211 price elasticity of demand for, 227 prices, 221–227 privatization, 229–230 quality, 204, 465–466 remedies for water problems, 216–230 return flow, 212 riparian and prior appropriation doctrines, 209–210 scarcity potential, 201–205 surface, 202, 205–207, 446 transfer restrictions, 210–212 transfers, 216, 218 usufructuary right, 209–210 value of, 214 valuing the reliability of supplies, 93 withdrawals, 202 Water pollution allocation of control responsibility, 460–462 ambient standards, 458–459 atmospheric sources, 469–470 benefit-cost analysis, 475–477 causes of, tracing, 445 control policies, 452–457 developing countries and, 471–473 economies of scale and, 445 efficiency and cost-effectiveness issues, 457–458 effluent standards, 454 enforcement problems, 459–460 European approach to, 470–471 externalities from, 349 introduction to, 445 legislative regulation, 452–455 medicinal wastes, 452 municipal wastewater treatment subsidies, 466–467 national effluent standards, 459–462 nature of problems, 446–452 nonpoint sources, 446, 447, 455, 467–469 ocean pollution, 447–448, 456–457 oil spills, 474–475 point sources of, 453–455 pretreatment standards, 467 recreation benefits and, 445 Safe Drinking Water Act, 456 sources of contamination, 446–448 thermal, 449 Total Maximum Daily Load (TMDL) program, 455–456 types of pollutants, 448–452 types of waste-receiving water, 446 water scarcity and, 204 watershed-based trading, 462–466 zero-discharge goal, 458–459 Water Pollution Control Act, 452–453 Water pricing methods, 221–227 area pricing, 222 block-rate, 222, 224 in Canada, 226 in droughts, 227 flat fee, 224 Global Water International’s tariff survey, 225–226 input-based pricing, 222 inverted block rate, 224–225, 226–227 meters, 226 output pricing, 222 peak demand, 226 reforms, developing countries, 222 seasonal rates, 226–227 tiered, 222 two-part charges, 222 user cost, 223 variable charge rate structures, 223 volumetric pricing, 222, 223–224 water utilities, 222–225 world cities and rate structures, 225 Water Quality Act, 453 Watershed-based trading, 462–466 Watershed payment programs, 327–328 Water stress, Water utilities, pricing methods, 222–225 Water weeds, 449 Weak sustainability, 117 Wealth happiness and, 526–527 transfer of, 39 Wealth effects, 39 Welfare measures, of development, 522 Westlands Water District, 212–213 Wet deposition, 469–470 Wetlands, 241, 242 Wetlands banking, 329–331 Wetlands Mitigation Banking, 330–331 Whaling, 307, 333 Wildlife poaching, 334 protection, 336 Willingness to accept (WTA), 80, 81, 82–83 Willingness to pay (WTP) contingent valuation and, 79–80, 81 distance decay and, 94 for ecological improvements, 391 marginal, 89 vs willingness to accept, 82–83 Wind energy, 162 Wind power, 162 Win-win situations, 116 With and without principle, 58 Wood-burning stoves, 42–43 World Bank, 228, 278 World Conservation Union, 334 World Health Organization (WHO), 387, 471 World Heritage Convention, 271 World Heritage Fund, 271 World Heritage List, 271 World Trade Organization (WTO), 519 Worldwatch Institute, 11 World Wide Fund for Nature (WWF), 268 World Wildlife Fund, 273 WTA See Willingness to accept (WTA) WTP See Willingness to pay (WTP) Yasuni National Park, 329 Yellowfin tuna, 520 Zero-discharge goal, 458–459 Zero economic growth, 521 Zero emission vehicles (ZEVs), 432–433 Zimbabwe, wildlife protection in, 336 Zinc, 177 Zoned effluent charge (ZEC), 462 Zoning laws, 40, 240 ... also find advanced work in the field in Land Economics, Journal of Environmental Economics and Management, Review of Environmental Economics and Policy, Environmental and Resource Economics, International... course in natural resource economics could be based on Chapters 1–13 and 20–21 A brief introduction to environmental economics could be added by including Chapter 14 A single-term course in environmental. .. of Environmental and National Resource Economics, Environment and Development Economics, Resource and Energy Economics, and Natural Resources Journal, among others Two discussion lists that involve