Description

Book Synopsis
An introduction to the concepts and tools of natural resource economics, including dynamic models, market failures, and institutional remedies.

This introduction to natural resource economics treats resources as a type of capital; their management is an investment problem requiring forward-looking behavior within a dynamic setting. Market failures are widespread, often associated with incomplete or nonexistent property rights, complicated by policy failures. The book covers standard resource economics topics, including both the Hotelling model for nonrenewable resources and models for renewable resources. The book also includes some topics in environmental economics that overlap with natural resource economics, including climate change.

The text emphasizes skills and intuition needed to think about dynamic models and institutional remedies in the presence of both market and policy failures. It presents the nuts and bolts of resource economics as applied to nonrenewable r

Natural Resources as Capital MIT Press The MIT

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    A Paperback / softback by Larry Karp

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      Book details

      Publisher MIT Press Ltd
      Published 27 October 2017
      ISBN-13 9780262534055
      978-0262534055
      ISBN-10 0262534053
      Also in:
      Econometrics and economic statistics Environmental economics Political economy

      Description

      Book Synopsis
      An introduction to the concepts and tools of natural resource economics, including dynamic models, market failures, and institutional remedies.

      This introduction to natural resource economics treats resources as a type of capital; their management is an investment problem requiring forward-looking behavior within a dynamic setting. Market failures are widespread, often associated with incomplete or nonexistent property rights, complicated by policy failures. The book covers standard resource economics topics, including both the Hotelling model for nonrenewable resources and models for renewable resources. The book also includes some topics in environmental economics that overlap with natural resource economics, including climate change.

      The text emphasizes skills and intuition needed to think about dynamic models and institutional remedies in the presence of both market and policy failures. It presents the nuts and bolts of resource economics as applied to nonrenewable r

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