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For the past 25 years, governmental decision-makers have employed the economic approach of benefit-cost analysis for resource allocation decisions. Environmental Economics describes, in a non-technical, readily understandable way, why the actual practice of benefit-cost analysis in environmental settings is heavily biased against the environment. The book provides environmentalists with the tools necessary to show policy-makers that pursuing many policies with apparent costs greater than benefits are, in fact, welfare enhancing.
Part 1 Part I: Economics Background—Why Economists Like Benefit-Cost Analysis Chapter 2 1 Introductory Matters of Logic and Philosophy Chapter 3 2 Why Economists Like Market Outcomes for Ordinary Goods Chapter 4 3 Benefit-Cost Analysis when Information Is "Perfect": The Role of Time in Environmental Economic Decisions Part 5 Part II: "Missing Markets": Externalities, Public Goods, and Property Rights Chapter 6 4 Externalities as "Missing Markets"
Chapter 7 5 Public Goods as "Missing Markets"
Chapter 8 6 Property Rights as a Potential Solution to Environmental Problems Part 9 Part III: Important Theoretical Problems with Implementing Benefit-Cost Analysis Chapter 10 7 The Well-Known "Demand Revelation" Problem Out of a Given Income Chapter 11 8 A Less-Well-Known "Supply Revelation" Problem Part 12 Part IV: Practical Problems with the Implementation of Benefit-Cost Analysis Chapter 13 9 Approaches to Estimating the Costs of Environmental Control Policies Chapter 14 10 Overview of Approaches to the Valuation of Benefits of Environmental Policies Chapter 15 11 Voting as a Way to Infer Environmental Benefits Chapter 16 12 Constructed Markets: Stated Preferences and Experiments to Infer Environmental Benefits Chapter 17 13 The Sum of Specific Damages Approach Chapter 18 14 Hedonic Methods of Valuing Environmental Amenities Chapter 19 15 Travel Cost Method of Valuing Environmental Amenities Chapter 20 16 Political and Jurisdictional Problems Part 21 Epilogue