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First published in 1985, Emissions Trading was a comprehensive review of the first large-scale attempt to use economic incentives in environmental policy in the United States; since its publication it has consistently been one of the most widely cited works in the tradable permits literature. The second edition of this classic study of pollution reform considers how the use of transferable permits to control pollution has evolved over the last twenty-five years. Initially little more than an academic curiosity, the use of tradable permits eventually became the centerpiece of both the U.S. program to control acid rain and the European approach to controlling greenhouse gases. The second edition of Emissions trading skillfully weaves together a vast amount of theoretical and empirical information, offering a thorough survey of what we have learned about this important environmental policy instrument after twenty-five years of theorizing, conducting empirical research, and evaluating the implementation experience. Intended to appeal both to academics and practitioners, Emissions Trading outlines what has been learned to date about the appropriate niche for this instrument and identifies best practices for the design of effective programs.

Environmental Economics: The Essentials offers a policy-oriented approach to the increasingly influential field of environmental economics that is based upon a solid foundation of economic theory and empirical research. Students will not only leave the course with a firm understanding of environmental economics, but they will also be exposed to a number of case studies showing how underlying economic principles provided the foundation for specific environmental and resource policies. This key text highlights what insights can be derived from the actual experience. Key features include: Extensive coverage of the major issues including climate change, air and water pollution, sustainable development, and environmental justice; Introductions to the theory and method of environmental economics including externalities, experimental and behavioral economics, benefit-cost analysis, and methods for valuing the services provided by the environment; Boxed Examples' and Debates' throughout the text which highlight global examples and major talking points. The text is fully supported with end-of-chapter summaries, discussion questions, and self-test exercises in the book, as well as with multiple-choice questions, simulations, references, slides, and an instructor's manual on the Companion Website. This text is adapted from the best-selling Environmental and Natural Resource Economics, 11th edition, by the same authors.

Visions of the future -- The economic approach : property rights, externalities, and environmental problems -- Evaluating trade-offs : benefit-cost analysis and other decision-making metrics -- Valuing the environment : methods -- Economics of pollution control : an overview -- Stationary-source local and regional air pollution -- Mobile-source air pollution -- Climate change -- Water pollution -- Toxic substances and environmental justice -- The quest for sustainable development -- Visions of the future revisited -- Answers to self-test exercises -- Glossary -- Index.

This important new book is an indispensable guide to the development and implementation of environmental policy. It presents authoritative analyses and state-of-the-art summaries which will be essential both to scholars and practitioners trying to keep abreast of the most recent developments in this fast changing field. The book sheds new light on two areas of environmental policy - liability law and enforcement - which are experiencing dramatic change. It shows how economic analysis can provide useful and meaningful insights about subjects such as criminal penalties, private enforcement, liability for oil spills, tort remedies, and lender liability which have hitherto only been considered by lawyers. Drawing on the latest advances in both economics and law, it critically assesses how the most recent innovations in liability law and enforcement are actually working in practice