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natural resource economics

Questions and Answers of Natural Resource Economics

2. How can the timber values of forests be balanced with their value in supporting biodiversity?What changes in property regimes and forest management policies could be used to help achieve the dual
1. Unlike ocean fisheries, forests can be privately owned, and in fact many millions of acres of forests are owned and managed by private corporations. In economic theory, private ownership should
• How can policies for sustainable forestry be implemented?
• What are the causes of forest loss, and what regions of the world are losing or gaining forest cover?
• What are the economic and ecological principles of forest management?
2. Now assume that we can translate this population/yield relationship into an economic relationship between fishing boats operating and total product:BOATS 0 100 200 300 400 500 600 700 800 900
1. Suppose that a fishery is characterized by the following relationship between total fish stock and annual growth:STOCK 10 20 30 40 50 60 70 80 90 100 120(thousand tons biomass)GROWTH 0 800 1,600
3. Explain the interrelationship between the following concepts as they relate to fisheries:economic rent, maximum sustainable yield, economic efficiency, ecological sustainability.How should these
2. What are the advantages and disadvantage of the following policies for fisheries management:private ownership, government regulation through licensing, the use of individual transferable quotas?
1. What is the basic reason for depletion of fisheries? Which factors have made this problem especially severe in the modern period? How can this issue be related to the difference between economic
• What policies can be effective in conserving and rebuilding fisheries?
• Why are so many of the world’s fisheries suffering from overexploitation?
• What are the ecological and economic principles governing fisheries?
3. Many people argue that a transition to renewable energy sources would be good policy from both an economic and an environmental point of view. Yet such a transition has not occurred and does not
2. In the 1970s, energy shortages had a significant impact on economies throughout the world.Was this a one-time phenomenon or could it recur? Was it related primarily to demandside or supply-side
1. Since energy production represents only about 5 percent of economic output, why should any special importance be placed on this sector? Is there any significant difference between an economic
• Can we shift from fossil fuel-based energy to renewable energy systems?
• Is there a danger of energy shortages?
• What are current and future demands for energy?
• What is the special role of energy in economic systems?
3. Some critics of municipal recycling programs have argued that they are uneconomic because they cost more than ordinary waste disposal. Which economic factors would you use to evaluate this
2. Do you expect mineral prices to continue to increase, as shown in Figure 11.4? Which factors do you think will determine future mineral prices?
1. Is scarcity of nonrenewable resources a major problem? What kinds of physical and economic measures are relevant to understanding this issue, and in what ways can some of the measures be
• How do economic incentives affect recycling of nonrenewable resources?
• What are the environmental costs of mining for mineral resources?
• Will prices for metals, minerals, and other resources rise?
• Are we running out of nonrenewable resources?
3. The concept of carrying capacity is a useful one for the ecological analysis of animal and plant populations. Is it also useful for the analysis of human population growth? Why or why not?
2. “Every extra mouth brings with it an extra pair of hands. Therefore we do not have to worry about growing population.” Relate this statement to the more formal economic analysis of labor force
1. What criteria would you use to evaluate the argument between the neo-Malthusians, who see population growth as the major problem facing humanity, and those who argue that population growth is a
• How does population growth affect the global environment?
• What relationship exists between population and economic development?
• What are the prospects for future population growth?
• How fast is world population growing?
1. Suppose you have been hired by the developing country of Equatoria to calculate its environmentally adjusted net domestic product (EDP). Assume for simplicity that only three adjustments need to
4. What are some of the policy implications of using a revised measure that takes into account environmental and resource depreciation? How might the use of revised measures affect such policy areas
3. Do you think that a revised national income measure would be an improvement over current GDP concepts, or would it be better to keep GDP and resource/environmental considerations separate by using
2. What are the main approaches that can be used to correct GDP for natural resource depletion and environmental damage? What difficulties and controversies arise in calculating these adjustments to
1. What kinds of problems arise from the focus on standard GDP measures in discussing economic policy? How do these problems differ for highly industrialized countries like the United States and
• What is the potential for alternative “green” measures of national welfare?
• How can traditional measures be adjusted to better reflect the importance of natural capital and environmental quality?
• Do traditional national income accounting measures fail to account for the environment?
1. The World Bank is considering an application from the country of Equatoria for a large dam project. Some costs and benefits of the project (dollar values) are as follows:Construction costs: $500
3. Suppose that the government of a developing country is considering the establishment of a national park in a scenic forested area. Local opposition arises from those who wish to use the forest
2. As mentioned in the text, under U.S. law federal agencies must use cost-benefit analysis to evaluate major policy proposals. Do you agree with this requirement, in particular for environmental
1. Suppose that you are asked to conduct a cost-benefit study of a proposed coal-fired power plant. The plant will be built on the outskirts of a residential area and will emit a certain volume of
How can we value the interests of future generations?
How can we value human life and health?
What are the strengths and limitations of cost-benefit analysis?
How can we express the value of the environment and natural resources in monetary terms?
2. How could the principle of allocation of resource over time be applied to environmental resources such as the atmosphere and the oceans? Would the same kind of conclusions about optimal depletion
1. It has been argued that any government policy aimed at nonrenewable resource conservation is an unwarranted interference with the free market. According to this point of view, if a resource is
• What will happen to prices and consumption if resources start to run out?
• How can we value resource consumption that will take place in the future?
• How should we decide whether to use or conserve nonrenewable resources?
• How and when can property rights be relied upon to solve environmental problems?
• What economic policies can be instituted to respond to environmental problems?
• How can pollution and environmental damage be represented in economics?
3. Does an improved standard of living necessarily mean more consumption? Is it possible to envision a future in which consumption of many goods and natural resources would decline?If this happened,
2. O ver the past several decades, people have worried about the world running out of oil or natural resources. Sufficient oil remains for current needs, however, and no important resources have run
1. Can we safely say that history has refuted the Malthusian hypothesis? What main factors have worked against Malthus’s perspective? How might that perspective still be relevant today?
• How can economic development become environmentally sustainable?
• Will economic growth encounter planetary limits?
• What is the relationship between economic growth and the environment?
3. In what ways do the principles of ecological circular flow resemble those of the economic circular flow? How do they differ? Give some specific examples in the areas of agriculture, water, and
2. Is it possible to put a money price on environmental resources? How? Are there cases in which this impossible? Identify specific instances of valuing the environment with which you are familiar or
1. Do economic growth and sound environmental policy necessarily conflict? Identify some areas where a choice must be made between economic growth and environmental preservation and others where the
• How do economic and ecological perspectives differ, and how can we combine them to address environmental issues?
• How can economics help us understand these issues?
6. What are the strengths and weaknesses of the travel cost method and con- tingent valuation method?
5. A moderate oil spill causes authorities to close down Tarmin Beach, located 25 miles (40.3 km) from the city of Elmwood. The next best alternative to Tarmin Beach is Raymond Beach, which is
4. The cost of new safety features for oil tankers is $2 million per year. The safety features are expected to reduce damages to fishery resources by $1.7 million per year. Are the safety features
3. What is the appropriate measure of an improvement in air quality when a household has the right to clean air? When the household does not have the right to clean air?
2. Use the Marshallian and Hicksian demand curves to explain the difference between WTP and WTC for an increase in the price of a nonmarketed good.
1. What role does nonmarket valuation play in the management of natural and environmental resources?
6. Investment A has an initial cost of $200 and investment B has an initial cost of $300. The investments are independent. Net benefits in dollars for both invest- ments over nine years are: Year
5. What are the drawbacks of using the payback period and average rate of re- turn to evaluate the feasibility of resource investments?
4. Consider the exploration and development of a 300-million-barrel oil de- posit in two offshore areas. The first deposit is located in the Gulf of Mexico, which has a mild climate and is close to
3. Explain the theoretical basis for selecting the market interest rate as the dis- count rate.
2. The United States Environmental Protection Agency (U.S. EPA) has the au- thority to regulate the use of pesticides in areas that are critical habitat for endan- gered species. The U.S. EPA
1. What are some of the major differences between private and public eco- nomic evaluation of resource investments?
10. Is a regulatory agency interested in reducing nonpoint source pollution more apt to favor a tax on the polluting input or an emission standard? Why?
9. Why is nonpoint source pollution more difficult to control than point source pollution?
8. Countries such as France, Germany and the Netherlands favor emission charges, whereas the United States has relied on nontradable emission permits to control point sources of water pollution. Why
7. An environmental authority distributes for free just enough TEPS to sources X and Y (in question 5) to restrict total emission to the socially efficient level at- tained with a Pigouvian tax (in
6. Consider an emission standard that requires the two sources in question 5 to reduce pollution by an amount equal to one half of the total amount of abatement achieved with the uniform emission
5. Consider two pollution sources (X and Y) that have the following marginal costs of pollution abatement: MCAX = 1.5 A MCA = 0.5A A is the level of pollution abatement. Suppose a uniform emission
4. Marginal private benefit of pollution abatement (MPBA), marginal social benefit of pollution abatement (MSBA) and marginal cost of pollution abatement (MCA) are as follows: MPBA=5-A MSBA 12-2A
3. Suppose the demand function (D), marginal production cost (MPC) func- tion and marginal pollution damages (MLD) function are as follows: D: p = 40 -0.5Q MPC 20+0.4Q MLD = 1.6Q Calculatea) the
2. What types of residual emissions are especially threatening to humans and the environment?
1. Why is it important to distinguish between residual emissions and pollu- tion? Of what value is this distinction in developing efficient policies to reduce en- vironmental damages?
10. Is a regulatory agency interested in reducing nonpoint source pollution more apt to favor a tax on the polluting input or an emission standard? Why?
9. Why is nonpoint source pollution more difficult to control than point source pollution?
8. Countries such as France, Germany and the Netherlands favor emission charges, whereas the United States has relied on nontradable emission permits to control point sources of water pollution. Why
7. An environmental authority distributes for free just enough TEPS to sources X and Y (in question 5) to restrict total emission to the socially efficient level at- tained with a Pigouvian tax (in
6. Consider an emission standard that requires the two sources in question 5 to reduce pollution by an amount equal to one half of the total amount of abatement achieved with the uniform emission
5. Consider two pollution sources (X and Y) that have the following marginal costs of pollution abatement: MCAX = 1.5 A MCAY = 0.5A A is the level of pollution abatement. Suppose a uniform emission
3. Suppose the demand function (D), marginal production cost (MPC) func- tion and marginal pollution damages (MLD) function are as follows: D: p = 40-0.5Q MPC = 20 +0.4Q MLD = 1.6Q Calculatea) the
2. What types of residual emissions are especially threatening to humans and the environment?
1. Why is it important to distinguish between residual emissions and pollu- tion? Of what value is this distinction in developing efficient policies to reduce en- vironmental damages?

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