Economics of Natural Resources and the Environment

abatement costs acid rain agricultural air pollution ambient analysis approach bargain basic benefits bids cent Chapter charge Coase theorem compensation conservation consumer surplus consumption context contingent valuation damage demand curve discount rate economists ecosystems effect effluent emissions environmental economics environmental quality equation estimates example existence value external cost extraction Figure firm function future global greenhouse effect growth habitat harvest Hence human impacts imperfect competition incentive increase individual industry inputs instruments issue Lake Baikal land level of pollution loss marginal maximisation measure MEC curve MNPB natural capital natural environments natural resources optimal level optimum option value output ozone permits Pigovian tax potential preferences preservation problem production property rights recreational recycling reduced regulation relevant renewable resource scarcity shows social sources Soviet species standard subsidy sustainable uncertainty valuation waste wetlands willingness to pay