The Economics of Natural Resources  book cover
1st Edition

The Economics of Natural Resources

ISBN 9780415829908
Published January 6, 2015 by Routledge
1918 Pages

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Book Description

The principles that underpin the economics of natural resources and the many associated issues and controversies that the topic generates are dizzying in their complexity. Now, to help advanced students and researchers make sense of an explosion of scholarship, Routledge announces The Economics of Natural Resources, a new title in its acclaimed Critical Concepts in Economics series. Edited by Barry C. Field and Gardner M. Brown, two leading scholars in the field, The Economics of Natural Resources is a ‘mini library’ that brings together in four volumes the foundational and the very best cutting-edge research.

With a comprehensive introduction, newly written by the editor, which places the collected material in its historical and intellectual context, The Economics of Natural Resources is an essential collection and is certain to be recognized as a vital one-stop resource.

Table of Contents

Volume I

Non-renewable Resources

1. Harold Hotelling, ‘The Economics of Exhaustible Resources’, Journal of Political Economy, 1931, 39, 2, 137–75.

2. Richard L. Gordon, ‘A Reinterpretation of the Pure Theory of Exhaustion’, Journal of Political Economy, 1967, 75, 3, 274–86.

3. William Vickery, ‘Economic Criteria for Optimal Rates of Depletion’, in Mason Gaffney (ed.), Extractive Resources and Taxation (University of Wisconsin Press, 1967), pp. 315–30.

4. Robert M. Solow, ‘The Economics of Resources or the Resources of Economics’, American Economic Review, 1974, 64, 2, 1–14.

5. Joseph E. Stiglitz, ‘Growth With Exhaustible Resources: Efficient and Optimal Growth Paths’, Review of Economic Studies, 1974, 41, 123–37.

6. Robert S. Pindyck, ‘Uncertainty and Exhaustible Resource Markets’, Journal of Political Economy, 1980, 88, 6, 1203–25.

7. Jeffrey A. Krautkraemer, ‘Nonrenewable Resource Scarcity’, Journal of Economic Literature, 1998, 36, 4, 2065–107.

8. Partha Dasgupta and Joseph E. Stiglitz, ‘Resource Depletion Under Uncertainty’, Econometrica, 1981, 49, 1, 85–104.

9. Margaret E. Slade and Henry Thille, ‘Wither Hotelling: Tests of the Theory of Exhaustible Resources’, in Gordon Rausser, Kerry Smith, and David Zilberman (eds.), Annual Review of Resource Economics, 2009, 1, 239–60.

Water Resources

10. Oscar R. Burt, ‘Optimal Resource Use Over Time With an Application to Ground Water’, Management Science, 1964, 11, 1, 80–93.

11. Siegfried von Ciriacy-Wantrup, ‘Some Economic Issues in Water Rights’, Journal of Farm Economics, 1955, 37, 5, 875–85.

12. Charles W. Howe and F. P. Lineweaver, ‘The Impact of Price on Residential Water Demand and its Relation to System Demand and Price Structure’, Water Resources Research, 1967, 3, 1, 13–32.

13. Charles J. Ciccetti, V. Kerry Smith, and John Carson, ‘An Economic Analysis of Water Resource Investments and Regional Economic Growth’, Water Resources Research, 1975, 11, 1, 1–6.

14. Ronald C. Griffin and Shih-Hsun Hsu, ‘The Potential for Water Market Efficiency When Instream Flows Have Value’, American Journal of Agricultural Economics, 1993, 75, 2, 292–303.

15. Nicholas Brozovic, David Sunding, and David Zilberman, ‘Optimal Management of Groundwater Over Space and Time’, in Renan-Ulrich Goetz and Delors Beaga ( eds.), Frontiers of Water Resource Economics (Springer, 2006), pp. 109–35.

16. Gardner M. Brown, Jr. and C. B. McGuire, ‘A Socially Optimum Pricing Policy for a Public Water Agency’, Water Resources Research, 1967, 3, 1, 45–56.

17. Richard E. Howitt, ‘Spot Prices, Option Prices, and Water Market: An Analysis of Emerging Markets in California’, in K. William Easter, Mark W. Rosegrant, and Ariel Dinar (eds.), Markets for Water: Potential and Performance (Kluwer, 1998), pp. 263–98.

18. Sheila M. Olmstead, W. Michael Hanemann, and Robert N. Stavins, ‘Water Demand Under Alternative Price Structures’, Journal of Environmental Economics and Management, 2007, 54, 2, 181–98.

19. H. J. Vaux, Jr. and Richard E. Howitt, ‘Managing Water Scarcity: An Evaluation of Interregional Transfers’, Water Resources Research, 1984, 20, 7, 785–92.

20. Fernando Arbués, Maria Ángeles Garcia-Valiñas, and Roberto Martinez-Espiñeira, ‘Estimation of Residential Water Demand: A State of the Art Review’, Journal of Socio-Economics, 2009, 32, 81–102.

Volume II

Forest Resources

21. Michael D. Bowes and John V. Krutilla, ‘Multiple-Use Management of Public Forestlands’, in Allen V. Kneese and James L. Sweeny (eds.), Handbook of Natural Resource and Energy Economics, Vol. II (North Holland, 1985), pp. 531–70.

22. Seppo Salo and Olli Tahvonen, ‘On Equilibrium Cycles and Normal Forests in Optimal Harvesting of Tree Vintages’, Journal of Environmental Economics and Management, 2002, 44, 1, 1–22.

23. M. Faustmann, ‘On the Determination of the Value Which Forestland and Immature Stands Possess for Forestry’ [1849], Journal of Forest Economics, 1995, 1, 1, 7–44.

24. Paul A. Samuelson, ‘Economics of Forestry in an Evolving Society’, Economic Inquiry, 1976, 14, 4, 466–92.

25. Richard Hartman, ‘The Harvesting Decision When a Standing Forest Has Value’, Economic Inquiry, 1976, 14, 1, 52–8.

26. Tapan Mitra and Henry Y Wan Jr., ‘Some Theoretical Results on the Economics of Forestry’, Review of Economic Studies, 1985, 52, 2, 263–82.

27. G. Cornelis van Kooten, Clark S. Binkley, and Gregg Delcourt, ‘Effect of Carbon Taxes and Subsidies on Optimal Forest Rotation Age and Supply of Carbon Services’, American Journal of Agricultural Economics, 1995, 77, 2, 365–74.

28. Peter Berck, ‘The Economics of Timber: A Renewable Resource in the Long Run’, Bell Journal of Economics, 1979, 10, 2, 447–62.

29. Ronald N. Johnson and Gary D. Libecap, ‘Efficient Markets and Great Lakes Timber: A Conservation Issue Reexamined’, Explorations in Economic History, 1980, 17, 4, 372–85.


30. H. Scott Gordon, ‘The Economic Theory of a Common-Property Resource: The Fishery’, Journal of Political Economy, 1954, 62, 2, 124–42.

31. Anthony Scott, ‘The Fishery: The Objectives of Sole Ownership’, Journal of Political Economy, 1955, 63, 2, 116–24.

32. C. G. Plourde, ‘A Simple Model of Replenishable Natural Resource Exploitation’, American Economic Review, 1970, 60, 3, 518–22.

33. Gardner M. Brown, Jr., ‘An Optimal Program for Managing Common Property Resources with Congestion Externalities’, Journal of Political Economy, 1974, 82, 1, 163–73.

34. Colin W. Clark and Gordon R. Munro, ‘Economics of Fishing and Modern Capital Theory: A Simplified Approach’, Journal of Environmental Economics and Management, 1975, 2, 2, 92–106.

35. Francis R. Homans and James E. Wilen, ‘Market and Rent Dissipation in Regulated Open Access Fisheries’, Journal of Environmental Economics and Management, 2005, 49, 2, 381–404.

36. Jon G. Sutinen and Peder Andersen, ‘The Economics of Fisheries Law Enforcement’, Land Economics, 1985, 61, 4, 387–97.

37. Daniel S. Holland and Richard J. Brazee, ‘Marine Reserves for Fisheries Management’, Marine Resource Economics, 1996, 11, 3, 157–71.

38. James N. Sanchirico and James E. Wilen, ‘Bioeconomics of Spatial Exploration in a Patchy Environment’, Journal of Environmental Economics and Management, 1999, 37, 2, 129–50.

39. Christopher Costello and Robert Deacon, ‘Efficiency Gains from Fully Delineated Rights in an ITQ Fishery’, Marine Resource Economics, 2007, 22, 4, 347–61.

40. Vernon L. Smith, ‘Economics of Production from Natural Resources’, American Economic Review, 1968, 58, 3, 409–31.

41. David Levhari and Leonard J. Mirman, ‘The Great Fish War, an Example Using a Dynamic Cournot-Nash Solution’, Bell Journal of Economics, 1980, 11, 1, 322–34.

42. Francis T. Christy Jr., ‘Fisherman Quotas: A Tentative Suggestion for Domestic Management’, Law of the Sea Institute, University of Rhode Island, Occasional Paper 19 (1973).

Land Resources

43. Martin J. Beckmann, ‘Von Thünen Revisited: A Neoclassical Land Use Model’, Swedish Journal of Economics, 1972, 74, 1, 1–7.

44. Richard J. Arnot and Frank D. Lewis, ‘The Transition of Land to Urban Use’, Journal of Political Economy, 1979, 87, 1, 161–9.

45. Dennis R. Capuzza and Robert W. Helsley, ‘The Fundamentals of Land Prices and Urban Growth’, Journal of Urban Economics, 1989, 26, 3, 295–306.

46. Thomas J. Miceli and Kathleen Segerson, ‘Property Takings, When Should Compensation be Paid?’ , Journal of Legal Studies, 1994, 23, 2, 749–76.

47. Scott Barrett, ‘Optimal Soil Conservation and the Reform of Agricultural Price Policies’, Journal of Development Economics, 1991, 36, 2, 167–87.

48. Kenneth E. McConnell, ‘An Economic Model of Soil Conservation’, American Journal of Agricultural Economics, 1983, 65, 1, 83–9.

49. Harold Demsetz, ‘Toward a Theory of Property Rights’, American Economic Review, 1967, 57, 2, 347–59.

50. Masahisa Fujita, ‘Thunen and the New Economic Geography’, Regional Science and Urban Economics, 2012, 42, 6, 907–12.

51. Richard Muth, ‘Economic Change and Rural Urban Land Conversion’, Econometrica, 1961, 29, 1, 1–23.

52. William Alonso, ‘A Theory of the Urban Land Market’, Papers and Proceedings of the Regional Science Association, 1960, 6, 1, 149–57.

53. Paul A. Samuelson, ‘ Thünen at Two Hundred’, Journal of Economic Literature, 1983, 21, 4, 1468–88.

54. Paul Krugman, ‘Increasing Returns in Economic Geography’, Journal of Political Economy, 1990, 99, 3, 483–99.

55. Timothy J. Besley, ‘Property Rights and Investment Incentives: Theory and Evidence from Ghana’, Journal of Political Economy, 1995, 103, 5, 903–37.

Volume III

Wildlife, Diversity

56. Erwin H. Bulte and Richard D. Horan, ‘Habitat Conservation, Wildlife Extraction and Agricultural Expansion’, Journal of Environmental Economics and Management, 2003, 45, 1, 109–27.

57. Gardner M. Brown, Jr., and Judd Hammack, ‘Dynamic Economic Management of Migratory Waterfowl’, Review of Economics and Statistics, 1973, 55, 1, 73–82.

58. Colin W. Clark, ‘Profit Maximization and the Extinction of Animal Species’, Journal of Political Economy, 1973, 81, 4, 950–61.

59. Carolyn Fischer, Edwin Muchapondwa, and Thomas Sterner, ‘A Bioeconomic Model of Community Incentives for Wildlife Management Under Campfire’, Environmental and Resource Economics, 2011, 48, 2, 303–19.

60. David W. Pearce, ‘Do We Really Care About Biodiversity?’, Environmental and Resource Economics, 2007, 37, 1, 313–33.

61. Martin L. Weitzman, ‘What to Preserve? An Application of Diversity Theory to Crane Conservation’, Quarterly Journal of Economics, 1993,108, 1, 157–83.

62. Richard C. Bishop, ‘Endangered Species and Uncertainty, The Economics of a Safe Minimum Standard’, American Journal of Agricultural Economics, 1978, 60, 1, 10–18.

63. Stephen Polasky and Andrew R. Solow, ‘On the Value of a Collection of Species’, Journal of Environmental Economics and Management, 1995, 29, 3, 298–303.

64. Bob Rowthorn and Gardner M. Brown, Jr., ‘When a High Discount Rate Encourages Biodiversity’, International Economic Review, 1999, 40, 2, 315–32.

65. Jeffrey A. Krautkraemer, ‘Diversity Decline as Choice of Development Path, Incentives, Development and Population: A Growth Theoretic Perspective’, in Timothy Swanson (ed.), The Economics and Ecology of Biodiversity Decline, The Forces Driving Global Change (Cambridge University Press, 1995), pp. 13–23.

66. Christopher Costello and Michael Ward, ‘Search, Bioprospecting and Biodiversity Preservation’, Journal of Environmental Economics and Management, 2006, 52, 3, 615–26.

67. David Finnoff and John Tschirhart, ‘Harvesting in an Eight-species Ecosystem’, Journal of Environmental Economics and Management, 2003, 45, 3, 589–611.

68. Jason F. Shogren, John Tschirhart, Terry Anderson, Amy Whritenour Ando, Steven R. Beissinger, David Brookshire, Gardner M. Brown Jr., Don Coursey, Robert Innes, Stephen M. Meyer, and Stephan Polasky, ‘Why Economics Matters for Endangered Species Protection’, Conservation Biology, 1999, 13, 6, 1257–61.

Volume IV

Sustainability and Growth

69. Richard B. Howarth and Richard Norgaard, ‘Intergenerational Resource Rights, Efficiency, and Social Optimality, Land Economics, 1990, 66, 1, 1–11.

70. Martin L. Weitzman, ‘On the Welfare Significance of National Product in a Dynamic Economy’, Quarterly Journal of Economics, 1976, 90, 1, 156–62.

71. Geoffrey M. Heal, ‘Valuing Our Future; Cost Benefit Analysis and Sustainability’, in Peter J. Hammond and Gareth D. Mykes (eds.), Incentives, Organization and Public Economics: Papers in Honour of Sir James Mirlees (Oxford University Press, 2001), 217–42.

72. Partha S. Dasgupta, ‘Optimal Development and the Idea of Net National Product’, in I. Goldin and L. A. Winters (eds.), The Economics of Sustainable Development (Cambridge University Press, 1995), pp. 111–42.

73. Jeffery Krautkraemer and Raymond Batina, ‘Sustainability and Intergenerational Transfers With a Renewable Resource’, Land Economics, 1999, 75, 2, 167–84.

74. Robert M. Solow, ‘Intergenerational Equity and Exhaustible Resources’, Review of Economic Studies, Symposium on the Economics of Exhaustible Resource 1974, 41, 5, 29–45.

75. Jeffrey R. Vincent, Theodore Panayotou, and John M. Hartwick, ‘Resource Depletion and Sustainability in Small Open Economies’, Journal of Environmental Economics and Management, 1997, 33, 3, 274–86.

76. Martin L. Weitzman, ‘Pricing the Limits to Growth from Mineral Depletion’, Quarterly Journal of Economics, 1999, 114, 2, 691–706.

77. John M. Hartwick, ‘International Equity and the Investing of Rents from Exhaustible Resources’, American Economic Review, 1977, 67, 5, 972–74.

78. Thorvaldur Gylafson, ‘Natural Resources, Education and Economic Development’, European Economic Review, 2001, 45, 6, 847–59.

79. Jeffery D. Sachs and Andrew Warner, ‘The Curse of Natural Resources’, European Economic Review, 2001, 45, 4–6, 827–38.

80. Frederick van der Ploeg, ‘Natural Resources: Curse or Blessing?’, Journal of Economic Literature, 2011, 49, 2, 366–83.

81. Robert M. Solow, ‘An Almost Practical Step to Sustainability’, Resources Policy, 1993, 19, 3, 162–72.

82. Edward Barbier, ‘The Concept of Sustainable Economic Development’, Environmental Conservation, 1987, 14, 2, 101–10.


83. Andrew H. Trice and Samuel E. Wood, ‘Measurement of Recreation Benefits’, Land Economics, 1958, 34, 3, 195–207.

84. Robert K. Davis, ‘Recreation Planning as an Economic Problem’, Natural Resources Journal, 1963, 3, 2, 239–49.

85. Richard T. Carson and Theodore Groves, ‘Incentive and Informational Properties of Preference Questions’, Environmental and Resource Economics, 2007, 37, 1, 181–210.

86. W. Michael Hanemann, ‘Willingness to Pay and Willingness to Accept: How Much Can They Differ’, American Economic Review, 1991, 81, 3, 635–47.

87. Sherwin Rosen, ‘Hedonic Prices and Implicit Markets: Product Differentiation in Perfect Competition’, Journal of Political Economy, 1974, 82, 1, 34–55.

88. Peter A. Diamond and Jerry A. Hausman, ‘Contingent Valuation: Is Some Number Better Than No Number?’, Journal of Economic Perspectives, 1994, 8, 4, 45–64.

89. Katherine L. Kling, Daniel J. Phaneuf, and Jinhua Zhao, ‘From Exxon to BP: Has Some Number Become Better Than No Number?’, Journal of Economic Perspectives, 2012, 26, 4, 3–26.

90. Wiktor Adamowicz, Peter Boxall, Michael Williams, and Jordan Louviere, ‘Stated Preference Approaches for Measuring Passive Use Values’, American Journal of Agricultural Economics, 1998, 80, 1, 64–75.

91. Daniel Kahneman and Jack L. Knetsch, ‘Valuing Public Goods: The Purchase of Moral Satisfaction’, Journal of Environmental Economics and Management, 1992, 22, 1, 57–70.

92. Ronald G. Cummings and Laura O. Taylor, ‘Unbiased Value Estimates for Environmental Goods: A Cheap Talk Design for the Contingent Valuation Method’, American Economic Review, 1999, 89, 3, 649–65.

93. John V. Krutilla, ‘Conservation Reconsidered’, American Economic Review, 1967, 54, 4, 777–86.

94. Kenneth J. Arrow and Anthony C. Fisher, ‘Environmental Preservation, Uncertainty and Irreversibility’, Quarterly Journal of Economics, 1974, 88, 2, 312–19.

95. Richard C. Bishop and Thomas A. Heberlein, ‘Measuring Values of Extramarket Goods: Are Indirect Measures Biased?’, American Journal of Agricultural Economics, 1979, 61, 5, 926–30.

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