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natural resource economics

Questions and Answers of Natural Resource Economics

the instruments available to attain
the conditions which limit the likelihood of bargaining solutions to pollution problems being achieved
how bargaining processes might bring about efficient resource allocations (and so might lead to the attainment of efficient pollution outcomes without regulatory intervention)
appreciate the distinction between first-best and second-best modes of analysis, and use this to understand the debate about possible double dividends from tax reform packages
appreciate the meaning and significance of non-convexities for environmental policy
recognise and understand the role of spatial differentiation for emissions targets
pollutant stock
appreciate the importance of the degree of mixing of
analyse efficient levels of flow pollutants and stock pollutants
understand the difference between flow and stock pollutants
understand how in principle targets may be constructed using an economic efficiency criterion
understand that alternative policy objectives usually imply different pollution targets
appreciate that many different criteria can be used to determine pollution targets
pollution target
understand the concept of
encounter the second best problem
learn about pollution as an external effect, and the means for dealing with pollution problems of different kinds
public good is, and how to determine how much of it the government should supply
find out what
learn about market failure and the basis for government intervention to correct it
find out about the circumstances in which a system of markets will allocate efficiently
derive the conditions that are necessary for the realisation of an efficient allocation
learn about the concepts of efficiency and optimality in allocation
look at the basic model that economists use for thinking about sustainability
non-renewable natural resource
be introduced to optimal growth analysis where production uses
first look at the vexed question of discounting
take
be introduced to some of the criticisms of utilitarianism
learn about recent work on measuring utility
see how it differs from some other ethical systems
learn about utilitarianism as the ethical basis for welfare economics
learn about the emergence of the idea of sustainable development
consider the argument that the environment sets limits to economic growth
review the current state of human economic development
learn about the proximate drivers of the economy’s impact on the environment –population, affluence and technology
be introduced to some basic material from the environmental sciences
learn how economic activity depends upon and affects the natural environment
see an overview and outline of the structure of this text
have the main issues of modern resource and environmental economics identified
learn about the history of natural resource and environmental economics
be introduced to the concepts of efficiency, optimality and sustainability
In this chapter we showed that the owner of an oil deposit in a fully competitive economy would keep his or her wealth constant and achieve the highest consistent level of constant consumption by
At the start of 1998 oil reserves in country X were 504 × 109 barrels. During 1998 country X produced 8 × 109 barrels, and there were no new discoveries of oil there. The world price of oil was
A mineral resource is extracted and sold, yielding £20m annual gross revenue to the owners. Purchases of goods and services used for extraction are £4m, labour costs are £2m and capital equipment
Given the valuation problems inherent in assessing many forms of environmental damage or degradation, is it better to concentrate efforts on developing a comprehensive system of physical
Devise a checklist for the qualitative and quantitative information which a university should be asked to furnish as a basis for an environmental audit of its functional activities.
There is lot more coal remaining than there is natural gas, in the world as a whole. The combustion of coal releases more CO2, and other pollutants, per unit energy released, than is the case with
Discuss the distinction between ‘economic’and ‘non-economic’ environmental assets.Compile a short list of three or four specific non-economic environmental assets, and identify the costs and
Discuss the arguments for and against the exclusion, or deduction, of defensive or preventive environmental expenditure from GDP. Identify other components of GDP which, it could be argued, should be
Five European countries have access to the water resources of the River Rhine, which are intensively used for commercial and industrial purposes. Discuss (a) methods of valuation of Rhine
Examine how the inclusion of non-timber benefits alters the optimal stand age at which felling takes place. Does the change vary from one set of non-timber values to another? Do your conclusions
The Excel workbook Non Timber.xls (see Additional Materials) models the consequences of including non-timber values in a singlerotation forest model. The first sheet –Parameter values – defines
The following three exercises require that you use the Excel file palc18.xls.(a) Calculate the optimal rotation lengths for a single-rotation forest for the interest rates 1, 2, 4, 5 and 6%. These
How would the optimal rotation interval be changed as a result of(a) an increase in planting costs;(b) an increase in harvesting costs;(c) an increase in the gross price of timber;(d) an increase in
Demonstrate that a tax imposed on each unit of timber felled will increase the optimal period of any rotation (that is, the age of trees at harvesting) in an infinite-rotation model of forestry. What
Using a spreadsheet program, calculate the volume of timber each year after planting for a period of up to 130 years for a single unfelled stand of timber for which the age–volume relationship is
How will the optimal rotation interval be affected by extensive tree damage arising from atmospheric pollution?
In what circumstances, and on what criterion, can the conversion of tropical forestry into agricultural land be justified?
Discuss the contention that it is more appropriate to regard natural forests as nonrenewable than as renewable resources.
Discuss the implications for the harvest rate and possible exhaustion of a renewable resource under circumstances where access to the resource is open, and property rights are not well defined.
Is it reasonable for individuals living in Western Europe today to advise others to conserve tropical forests given that the countries in which they live effectively completed the felling of their
Demonstrate that open access is not cost-minimising.
Calculate the ‘growth rate’, dG/dS, at which the fish population is growing in the openaccess equilibrium, the static private-property equilibrium, and the present-value-maximising equilibrium
(i) The results of this chapter have shown that the outcomes (for S, E and H) are identical in what has been called the PV-maximising model and the static private-fishery profitmaximising model when
In what circumstances would it be plausible to assume that, as a first approximation, harvest costs do not depend on stock size?
A simple model of bioeconomic (that is, biological and economic) equilibrium in an open-access fishery in which resource growth is logistic is given by and B − C = PeES − wE = 0 with all
(a) The simple logistic growth model given as equation 17.3 in the text GS g S S ( ) = − S   1  MAX gives the amount of biological growth, G, as a function of the resource stock
Fish species are sometimes classified as‘schooling’ (such as herring, anchovies and tuna) or ‘searching’ (non-schooling) classes, with the former being defined by the tendency to ‘school’
To what extent do environmental ‘problems’arise from the absence (or unclearly defined assignation) of property rights?
Discuss the implications for the harvest rate and possible exhaustion of a renewable resource under circumstances where access to the resource is open, and property rights are not well defined.
Would the extension of territorial limits for fishing beyond 200 miles from coastlines offer the prospect of significant improvements in the efficiency of commercial fishing?
Using equation 11.18, deduce the effect of an increase in α for a given value of r, all other things being equal, on:(a) M* (b) A*
In what principal ways do stock pollution models differ from models of flow pollutants?
Discuss, with diagrams, the consequences of the discovery of North Sea oil for(a) the price and output levels for the oil market;(b) the date of exhaustion of oil reserves.What will be the probable
In the case of perfect competition, if the private discount rate is higher than the correct social discount rate, explain, with diagrams, why the market will exhaust the resource too quickly.
Explain, with diagrams, why a monopolistic non-renewable resource market is biased towards conservation and therefore will increase the ‘life’ of the resource.
In equation 15.5, if ρ = 0, what are the implications for(a) P0 and P1?(b) R0 and R1?(Problems 4, 5 and 6 are based on Table 15.3.)
The version of Hotelling’s rule given in equation 15.5 requires the net price to grow proportionately at the rate ρ. Under what circumstances would this imply that the gross price also should grow
What is the resource price in each period(a) in utility units;(b) in euros, given that U = log(C), where U is utility units, log is the natural logarithm operator, and C is consumption (or income),
All(non-physical) units are in European units of utility. The social welfare function is discounted utilitarian in form, with a social utility discount rate of 0.1. Given that the objective is to
The constant marginal cost of resource extraction is
You are currently at the start of year 0.The following information is available. There is a single fixed stock of a non-renewable resource;the magnitude of this stock at the start of year 0 is 224
Consider two consecutive years, labelled 0 and
The notion of sustainability is used differently in economics than in the natural sciences.Explain the meaning of sustainability in these two frameworks, and discuss the attempts that have been made
‘The exploitation of resources is not necessarily destructive... need not imply the impoverishment of posterity . . . It is the diversion of national income from its usual channels to an increased
‘An examination of natural resource matters ought to recognise technical/scientific, economic, and socio-political considerations.’Explain.
Discuss the merits of a proposal that the government should impose a tax or subsidy where an non-renewable resource is supplied monopolistically in order to increase the social net benefit.
The simplest model of optimal resource depletion is the so-called ‘cake-eating’ problem in which welfare is a discounted integral of r C = + ρ ηB utility, utility is a function of consumption,
Using equation 14.15 in the text (that is, the Hotelling efficiency condition), demonstrate the consequences for the efficient extraction of a non-renewable resource of an increase in the social
Using the relationship demonstrate that if the utility function is of the special form U(C) = C, the consumption rate of discount (r) and the utility rate of discount are identical.
Recycling of non-renewable resources can relax the constraints imposed by finiteness of non-renewable resources. What determines the efficient amount of recycling for any particular economy?
Discuss the possible effects of technical progress on resource substitutability.
Are non-renewable resources becoming more or less substitutable by other productive inputs with the passage of time? What are the possible implications for efficient resource use of the elasticity of
The construction of a hydroelectric plant in a wilderness valley is under consideration. It is known that the valley contains an insect species found nowhere else, and the project includes relocating
In Figure 13.4 with MNB1 = 10 − (A1/2) and MNB2 = 20 − (A2/2) known with certainty, find the levels of A1 and A2, (a) if there is no irreversibility, (b) if irreversibility applies but is ignored
Consider an individual for whom Y is initially£100 and U(Y) = Ya, offered a bet on the toss of a fair coin at a price of £5. For each of the pay-outs A and B, calculate the expected value of the Y
Should the safe minimum standard approach be applied to setting standards for environmental pollution? If so, how could it be done?
How could the value of an environmental performance bond be set?
Is the loss of a species of plant or animal necessarily of economic concern? Is this true for every species that currently exists?Do we now suffer as a consequence of earlier extinctions?

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