Classic Papers in Natural Resource Economics Revisited: 1st Edition (Paperback) book cover

Classic Papers in Natural Resource Economics Revisited

1st Edition

Edited by Chennat Gopalakrishnan

Routledge

404 pages

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Description

Classic Papers in Natural Resource Economics Revisited is the first attempt to bring together a selection of classic papers in natural resource economics, alongside reflections by highly regarded professionals about how these papers have impacted the field. The seven papers included in this volume are grouped into five sections, representing the five core areas in natural resource economics: the intertemporal problem; externalities and market failure; property rights, institutions and public choice; the economics of exhaustible resources; and the economics of renewable resources.

The seven papers are written by distinguished economists, five of them Nobelists. The papers, originally published between 1960 and 2000, addressed key issues in resource production, pricing, consumption, planning, management and policy. The original insights, fresh perspectives and bold vision embodied in these papers had a profound influence on the readership and they became classics in the field. This is the first attempt to publish original commentaries from a diverse group of scholars to identify, probe and analyse the ways in which these papers have impacted and shaped the discourse in natural resource economics. Although directed primarily at an academic audience, this book should also be of great appeal to researchers, policy analysts, and natural resource professionals, in general.

This book was published as a series of symposia in the Journal of Natural Resources Policy Research.

Reviews

'This book does great service by giving scholars a unique opportunity to read classic papers in natural resource economics side-by-side with extensive expert commentary contributing original insights on why the papers are classics, and how the papers set the agenda for future work. There is no better, or more enjoyable way, to come up to speed on the intellectual development of natural resource economics than reading this book.' - Ray Huffaker, University of Florida, USA

'Seven papers, originally published between 1960 and 2000, that address key issues in resource production, pricing, consumption, planning, management, and policy, are used as the inspiration for forty-eight additional papers that examine why these seven papers have become classics and how they have impacted and shaped the intellectual content of the field of natural-resource economics. Papers are grouped into the five core areas of naturalresource economics—the intertemporal problem; externalities and market failure; property rights, institutions, and public choice; the economics of exhaustible resources; and the economics of renewable resources. Gopalakrishnan is Professor (Emeritus) of Natural Resource Economics at the University of Hawaii. Index'. - December 2016 issue of the Journal of Economic Literature (Volume 54, no. 4) and the American Economic Association's electronic publications: e-JEL, JEL on CD, and EconLit.

'Dr. Gopalakrishnan has provided a valuable service by linking these foundational papers by pioneers in natural resource and environmental economics with a series of commentaries by contemporary authors. The range of topics is as timely today as when the papers were originally written: forest policy, exhaustible resources, externalities, market failures and tragedy of the commons. The value added of the book is the commentaries on these classic articles by leading thinkers who assess the strengths as well as the limitations of the Classic Papers. Collectively these authors provide their own insights, rebuttals to, refinements of, and extensions to the original path- breaking papers and challenges facing natural resource economists in the 21st Century.' - Dr John Loomis, Colorado State University, USA

'This book is a jewel. It contains classic works in natural resource economics and policy. Three cheers to Dr. Chennat Gopalakrishnan (Gopal) for his original and exhaustive treatment of five foundation areas of the discipline that will engage a large and growing body of readers worldwide. The five foundations are:

1. The Intertemporal Problem

2. The Problem of Social Cost

3. Property Rights, Institutions and Public Choice

4. The Economics of Exhaustible Resources.

5. Renewable Resources

I like his treatment of those important five themes for several reasons:

  • The book is a first rate source for an upper division undergraduate or graduate seminar in natural resource economics as a standalone source for much or all source material for such a seminar.
  • Each of the five areas centers on a classic work, while being complemented by a number of supporting works. The supporting works are nice for scholars who want to see what makes for a great paper or who need background reading before entering the classic.
  • It makes a fine source for PhD students starting on a dissertation or scholars working on a literature review who wish to access foundations.
  • It reaches out beyond economics. For example, Elinor Ostrom's Economics Nobel Prize winning career is as much about natural resource institutions as neoclassical economics.

The chapters contain so much breadth and depth to make it a treasured addition to my library.' -Frank A. Ward, New Mexico State University, USA

Table of Contents

Introduction

Chennat Gopalakrishnan

Section I: The Intertemporal Problem

1. Uncertainty and the Evaluation of Public Investment Decisions

Kenneth J. Arrow and Robert C. Lind

2. The relevance and the limits of the Arrow-Lind Theorem

Luc Baumstark and Christian Gollier

3. A reconsideration of Arrow-Lind: risk aversion, risk sharing, and agent choice

Eric Fesselmeyer, Leonard J. Mirman, and Marc Santugini

4. Evaluating uncertain public projects with rival and non-rival benefits

Bram Gallagher and Arthur Snow

5. Probing the limits of risk-neutral government

Alan Randall

6. Are we in this together? Risk bearing and collective action

Carlisle Ford Runge and Justin Andrew Johnson

7. Evaluation of public investments and individual discounting

Mario Tirelli

8. Rebutting Arrow and Lind: why governments should use market rates for discounting

Deborah Lucas

9. Revisiting Arrow-Lind: Managing Sovereign Disaster Risk

Reinhard Mechler and Stefan Hochrainer-Stigler

10. Size matters: capital market size and risk-return profiles

Keiran Sharpe and Massimiliano Tani

11. Microeconomic foundations of bailouts

Marian Moszoro

Section II: Externalities and Market Failure – Ronald H. Coase

12. The Problem of Social Cost

Ronald H. Coase

13. Battles lost and wars won: reflections on ‘The Problem of Social Cost’

Mary M. Shirley

14. The importance of being misunderstood: the Coase theorem and the legacy of ‘The Problem of Social Cost’

Steven G. Medema

15. Infringement as nuisance: intellectual property rights and The Problem of Social Cost

Paul J. Heald

16. About some distortions in the interpretation of ‘the problem of social cost’

Claude Menard

17. The successes and failures of Professor Coase

Ning Wang

Section III: Property Rights, Institutions and Public Choice – Garrett J. Hardin and Elinor Ostrom

18. The Tragedy of the Commons

Garrett J. Hardin

19. The Core Challenges of Moving Beyond Garrett Hardin

Xavier Basurto & Elinor Ostrom

20. Revising the Commons Paradigm

Fikret Berkes

21. Hardin’s Brilliant Tragedy and a Non-Sequitur Response

Thrainn Eggertsson

22. Free Parking at Christmas Is Not a Tragedy of the Commons

William A. Fischel

23. Guarding the Guardians: Enforcement in the Commons

C. Ford Runge

24. From ‘Tragedy’ to Commons: How Hardin’s Mistake Might Save the World

Peter A. Walker

25. Collective action and the evolution of social norms

Elinor Ostrom

26. The collective action theory path to contextual analysis

Paul Dragos Aligica and Filippo Sabetti

27. Contextualizing the influence of social norms, collective action on social-ecological systems

Tom P. Evans and Daniel H. Cole

28. Collective Action and the Evolution of Social Norms: the principled optimism of Elinor Ostrom

Matthew R. Auer

29. Crossing disciplinary boundaries

L. Schroeder

30. Elinor Ostrom’s challenge for laboratory experiments

Rick K. Wilson

31. The evolution of social norms in conflict resolution

Lisa Blomgren Amsler

32. The evolution of elite and societal norms pertaining to the emergence of federal-tribal co-management of natural resources

Shane Day

Section IV: The Economics of Exhaustible Resources – Robert Solow and William Nordhaus

33. The Economics of Resources or the Resources of Economics

Robert Solow

34. Reflections on Solow’s The Economics of Resources or the Resources of Economics

Peter Berck

35. What Does the Empirical Work Inspired by Solow’s The Economics of Resources or the Resources of Economics Tell Us?

Robert Halvorsen

36. What Would Solow Say?

John M. Hartwick

37. Reflections on Solow’s 1974 Richard T. Ely Address

Alan Randall

38. The Economics of Resources and the Economics of Climate

R. David Simpson

39. Celebrating Solow: Lessons from Natural Resource Economics for Environmental Policy

V. Kerry Smith

40. The Allocation of Energy Resources

William Nordhaus

41. Modeling long term energy futures after Nordhaus (1973)

Gregory F. Nemet

42. The allocation of energy resources in the very long run

Roger Fouquet

43. The world before climate change

Frank Ackerman

44. Energy modeling post 1973

John Feddersen, Florian Habermacherb, Jan Imhofc and Rick van der Ploeg

45. The allocation of energy conservation

Franz Wirl

46. A retrospective on The Allocation of Energy Resource

William D. Nordhaus by Koundouri, Reppas, & Souliotis

47. Backstop technology: model keystone or energy systems transition guide essay

Aviel Verbruggen

48. Caveats for climate policy from Nordhaus’s The Allocation of Energy Resources

Isabel Galiana

Section V: Renewable Resources - Paul A. Samuelson

49. Economics of Forestry in an Evolving Society

Paul A. Samuelson

50. Samuelson’s Economics of Forestry in an Evolving Society: Still an Important and Relevant Article Thirty Six Years Later

Gregory S. Amacher

51. Reflections on Samuelson’s Economics of Forestry in an Evolving Society

Peter Berck & Lunyu Xie

52. Samuelson and 21st Century Tropical Forest Economics

Elizabeth J. Z. Robinson & Heidi J. Albers

53. Putting Samuelson’s Economics of Forestry in an Evolving Society into Context: The Limits of Forest Economics in Policy Debates

David H. Newman & John E. Wagner

54. Samuelson on Forest Economics: An Inadvertent Tribute to Faustmann, and a Few Others

Colin Price

55. Thoughts on Paul Samuelson’s Classic, Economics of Forestry in an Evolving Society

Roger A. Sedjo

About the Editor

Chennat Gopalakrishnan is Professor (Emeritus) of Natural Resource Economics at the University of Hawaii, USA. He has published seven books and approximately 115 journal articles and technical papers on current and emerging issues in natural resource economics and policy. He is the Editor-In-Chief of the Journal of Natural Resources Policy Research.

Subject Categories

BISAC Subject Codes/Headings:
BUS000000
BUSINESS & ECONOMICS / General