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natural resource economics

Questions and Answers of Natural Resource Economics

2.a. Suppose you want to remove ten fish of an exotic species that have illegally been introduced to a lake. You have three possible removal methods.Assume that q1, q2, and q3 are, respectively, the
1. Suppose a proposed public policy could result in three possible outcomes:(1) present value of net benefits of $4,000,000, (2) present value of net benefits of $1,000,000, or (3) present value of
2. There are different approaches used to evaluate costs in benefit-cost analysis—the survey approach, the engineering approach, and the combined approach, which is a combination of the previous
1. Decision-makers and politicians use a series of different techniques to judge the desirability of the level and composition of services provided, and making informed choices on their effects.
6. Identify whether each of the following resource categories is a public good, a common-pool resource, or neither and defend your answer:a. A pod of whales in the ocean to whale hunters.b. A pod of
5. Label each of the following propositions as descriptive or normative and defend your choice:a. Energy efficiency programs have created jobs.b. Money spent on protecting endangered species is
4. Positive economics describes economic facts the way they are, while normative economics deals with what they should be. Which analysis should you adopt when deciding whether or not to implement
3. Externalities are one of the most common examples of market failure; it is a clear example of how, in a free economy, the pursuit of an economic goal can result in unintentional damaging of
2. Suppose the market demand function (expressed in dollars) for a normal product is P = 80 - q, and the marginal cost (in dollars) of producing it is MC = 1q, where P is the price of the product and
1. Suppose the state is trying to decide how many miles of a very scenic river it should preserve. There are 100 people in the community, each of whom has an identical inverse demand function given
2. In order to ensure an effective process of allocation of goods and services—in a well-functioning market economy—a working structure of property rights is important. It is said that, for a
1. In a well-known legal case, Miller v. Schoene (287 U.S. 272), a classic conflict of property rights was featured. Red cedar trees, used only for ornamental purposes, carried a disease that could
1. Does the normal reaction of the price system to a resource shortage provide an example of a positive or a negative feedback loop? Why?
3. In this chapter alternative views of ecologic versus environmental economics have been provided. Summarize the main points of both views, discussing the merits and drawbacks of each, with examples.
2. This chapter contains two views of the future. Since the validity of these views cannot be completely tested until the time period covered by the forecast has passed (so that predictions can be
1. In his book The Ultimate Resource, economist Julian Simon makes the point that calling the resource base “finite” is misleading. To illustrate this point, he uses a yardstick, with its
If a natural disaster, such as the 2010 drought in Russia, hits food production, use supply and demand analysis to figure out how this affects consumers and producers. Does everyone lose or are some
“Future generations can cast neither votes in current elections nor dollars in current market decisions. Therefore, it should not come as a surprise to anyone that the interests of future
“Every molecule of a nonrenewable energy resource used today precludes its use by future generations. Therefore, the only morally defensible policy for any generation is to use only renewable
Consider a possible mechanism for controlling population. According to an idea first put forth by Kenneth Boulding in 1964, everyone would be given the right to produce one (and only one!) child, so
Increasingly sophisticated communications technology is allowing more people to work at home. What effect do you think this might have on land-use patterns, specifically the density of residential
In the United States, the production of ethanol fuel from corn is subsidized. Use bid rent function analysis to suggest what effects this subsidy might be expected to have on land use.
Changing demographics can also effect changes in land use. In the United States, the proportion of the population in the 65-and-older age bracket is growing. What effects might this have on the
Suppose a government was trying to decide whether to fund primary and secondary education with either a property tax or an income tax. What implications might this choice have for land use in that
With respect to strategies used by land conservation groups to preserve land, conservation easements seem to be expanding more rapidly than buying land for preservation. In what respect might
Suppose a city finds that its express highways into the city are congested and is considering two remedies: (1) imposing a congestion charge on all users of its expressways during the peak periods,
Air pollution officials in California’s Central Valley have opened a new front in the war against urban sprawl, and regulators and environmental advocates throughout the state are watching closely.
Would a rise in the price of timber make sustainable forest practices more or less likely? Why?
Compare forest certification and the certification of organic produce in terms of the relative degree to which each type of certification could, by itself, be expected to produce an efficient outcome.
Would a private forest owner normally be expected to reach an efficient balance between using their forest for recreation and for harvesting wood? Why or why not?
As our energy structure transitions toward renewable fuels, forest-based biomass fuels have benefited from this transition. What are the likely effects of this transition on consumers, producers, and
In Table 18.1, when r = 0.02, the present value of the cost rises for 68 years and then subsequently declines. Why?
Suppose there are two identical forest plots except that one will be harvested and left to regrow while the second will be cleared after the harvest and turned into a housing development. In terms of
In his book The Federal Land Revisited, Marion Clawson proposed what he called the “pullback concept”:Under the pullback concept any person or group could apply, under applicable law, for a tract
Suppose that a particular fishery experiences a technological change such that the fixed cost of fishing increases, but the marginal cost of fishing decreases. The change is such that the before and
When trying to reduce the degree of inefficiency from an open-access fishery, would a regulation that increases the marginal cost of fishing effort by banning certain types of gear or a tax on effort
In the economic model of the fishery developed in this chapter, compare the effect on fishing effort of an increase in cost of a fishing license with an increase in a per-unit tax on fishing effort
Assume that a local fisheries council imposes an enforceable quota of 100 tons of fish on a particular fishing ground for one year. Assume further that 100 tons per year is the efficient sustained
Assume that the relationship between the growth of a fish population and the population size can be expressed as g = 4P – 0.1P2, where g is the growth in tons and P is the size of the population
Is the establishment of the 200-mile limit a sufficient form of government intervention to ensure that the tragedy of the commons does not occur for fisheries within the 200-mile limit? Why or why
Suppose that a fishery has two sectors: (1) a commercial fishery that harvests fish to sell them to a processor, and (2) a recreational fishery where boat captains take individuals out to catch some
Several of the policy options discussed in this chapter rely on transferable entitlements of one kind or another. The prominence of these approaches raises the question of what transferability adds
One approach to protecting ecosystem services involves dedicating specific habitat to wildlife (such as parks or reserves), a strategy that prohibits residential development in those areas. Other
In 2016, Outside Magazine ran an obituary for the Great Barrier Reef in Australia (www .outside -online .com /2112086 /obituary -great -barrier -reef -25 -million -bc -2016). It was meant to be in
Consider the issues raised by the debate over using ecotourism to promote sustainability. What is your view? Is ecotourism always a pathway to sustainability? Never a pathway to sustainability?
Consider the issues raised by the debate over Ecuador’s proposal to preserve the Yasuni National Park from oil extraction. What is your view? Is this simply another payment for ecosystem services
a. If a pay-as-you-drive insurance program is being implemented to cope with automobile-related externalities associated with driving, what factors should be considered in setting the premium?b.
Suppose the nation wished to reduce fuel consumption not only to promote national security, but also to reduce the threats from climate change.a. How effective is a strategy relying on the labeling
“While gasoline taxes and fuel-economy standards can both be effective in increasing the number of miles per gallon in new vehicles, gasoline taxes are a superior means of reducing emissions from
The NYC congestion pricing plan is proving to be quite controversial, with different types of drivers clamoring to be exempted from the fee. Who should receive an exemption? How do you decide?
Water is an essential resource. For that reason moral considerations exert considerable pressure to assure that everyone has access to at least enough water to survive. Yet it appears that equity and
One major concern about the future is that water scarcity will grow, particularly in arid regions where precipitation levels may be reduced by climate change. Will our institutions provide for an
Suppose that in a particular area the consumption of water varies tremendously throughout the year, with average household summer use exceeding winter use by a great deal. What effect would this have
a. This chapter makes the point that typically, a cost-effective climate change policy would involve both emissions mitigation and adaptation, rather than choosing one approach or the other. Why?b.
What pricing system is used to price the water you use at your college or university? Does this pricing system affect your behavior about water use (length of showers, etc.)? How? Could you recommend
An ounce of prevention is a common phrase in health care. It also seems to hold true for mitigation of storm and flood damages. How does benefit-cost analysis help with decision making on mitigation
What is your national, regional, or state government doing about climate change? Has your community participated in the CRS program? If so, how is it working out? What about buyouts? Is anyone
Suppose two countries with domestic cap-and-trade policies are considering linking their two systems. Country A has a cap of 20 tons of emissions, a domestic marginal cost of abatement of $10, and an
Label the following as true, false, or uncertain, and explain your choice. (Uncertain means that it can be either true or false depending upon the circumstances.)a. The imposition of a tax on
a. Why does an output-based policy such as the Chinese ETS create an implicit subsidy?b. What is the nature of that subsidy?c. Why does it reduce cost-effectiveness relative to a straight
The revenues from an emissions-charge approach to controlling climate change would be unusually large in comparison to other pollutants. What circumstances would lead to high revenues?
Explain why a climate policy using emissions-charge revenue to provide capital and operating subsidies for carbon-capture technologies is less cost-effective than an emissions-charge policy alone.
What is your national, regional, or state government doing about climate change? Has it adopted a form of carbon pricing? If so, how is it working out? Is anyone working on an adaptation plan in your
Electric heat pumps are technologies that in the right circumstances can be cost-effective sources of heating. In a cold climate they frequently complement more typical energy sources such as oil or
Explain why the existence of a renewable energy credit market would lower the compliance costs for utilities forced to meet a renewable portfolio standard.3.a. Some new technologies, such as LED
Some time ago, a conflict between a paper company and a coalition of environmental groups arose over the potential use of a Maine river for hydroelectric power generation. As one aspect of its case
Does the fact that the U.S. Strategic Petroleum Reserve has never been used to offset shortfalls caused by an embargo mean that the money spent in creating the reserve has been wasted? Why or why not?
Economist Abba Lerner once proposed a tariff on oil imports equal to 100 percent of the import price. This tariff would be designed to reduce dependence on foreign sources as well as to discourage
Should benefit-cost analysis play the dominant role, a complementary role, or no role in deciding the proportion of electric energy to be supplied by nuclear power? Why or why not?
What is your national, regional, or state government doing about climate change? Has it adopted a form of carbon pricing? If so, how is it working out? Is anyone working on an adaptation plan in your
“In negotiations over a public good such as a greenhouse gas emissions reduction, a cooperative agreement always produces higher aggregate benefits than a noncooperative agreement so cooperation
Is informing the consumer about any toxic substances used in the manufacture of a product sufficient to produce an efficient level of toxic substance use for that product? Why or why not?
Firms whose economic activity might pose an environmental risk are sometimes required to post performance bonds before the activity is allowed to commence. The amount of the required bond would be
How should the public sector handle a toxic gas, such as radon, that occurs naturally and seeps into some houses through the basement or the water supply? Is this a case of an externality? Does a
Over the last several decades in product liability law, there has been a movement in the court system from caveat emptor (“buyer beware”) to caveat venditor (“seller beware”). The liability
Did the courts resolve the dilemma posed in Example 10.2 correctly in your opinion? Why or why not?
Suppose you have three production facilities that are polluting a river. Each emits ten units of pollution. Their marginal cost functions for reducing emissions are, respectively, MC1 = $3, MC2 = $4,
Consider the situation posed in Problem 1 in Chapter 7.a. Compute the allocation that would result if ten tradable effluent permits were given to the second source and nine were given to the first
The Deepwater Horizon BP oil spill in the Gulf of Mexico was the largest spill in U.S. history. How do natural resource damage assessments such as the one presented in Example 9.4 help decision
Suppose in an emissions trading system the permits are allocated free of charge to emitters based on how much they have historically emitted. Can that allocation be consistent with
Would imposing the same tax rate on every unit of emissions normally be expected to yield a cost-effective allocation of pollution control responsibility? Does your answer depend on whether the
If you were in charge of an agency responsible for designing a cost-effective pollution control policy, would you prefer an approach based upon an emissions charge or on emissions trading? Why?
From an efficiency point of view, the regulation of conventional pollutants should take exposure into account—the more persons exposed to a given pollutant concentration, the larger is the damage
In a region that must reduce emissions, three polluters currently emit 30 units of emissions. The three firms have the following marginal abatement cost functions that describe how marginal costs
Assume that the control authority wanted to reach its objective in (1) by using an emissions charge system.a. What per-unit charge should be imposed?b. How much revenue would the control authority
Two firms can control emissions at the following marginal costs: MC1 = $200q1, MC2 = $100q2, where q1 and q2 are, respectively, the amount of emissions reduced by the first and second firms. Assume
In his book What Price Incentives?, Steven Kelman suggests that from an ethical point of view, the use of economic incentives (such as emissions charges or emissions trading) in environmental policy
Suppose a tax on the extraction of a depletable resource is enacted and it will first take effect 10 years in the future. This resource is assumed to have a renewable, constant MEC substitute that
Suppose you wanted to hasten the transition from a depletable fossil fuel to solar energy. Compare the effects of a per-unit tax on the depletable resource to an equivalent per-unit subsidy on solar
For the increasing marginal-extraction-cost model of the allocation of a depletable resource, how would the ultimate cumulative amount taken out of the ground be affected by (a) an increase in the
Many states are now imposing severance taxes on resources being extracted within their borders. In order to understand the effect of these taxes on the allocation of a mineral over time, assume a
Consider an increasing marginal-cost depletable resource with no effective substitute. (a) Describe, in general terms, how the marginal user cost for this resource in the earlier time periods would
To anticipate subsequent chapters where more complicated renewable resource models are introduced, consider a slight modification of the two-period depletable resource model. Suppose a biological
One current practice is to calculate the years remaining for a depletable resource by taking the prevailing estimate of current reserves and dividing it by current annual consumption. How useful is
The environmental sustainability criterion differs in important ways from both strong and weak sustainability. Environmental sustainability frequently means maintaining a constant physical flow of
Compare two versions of the two-period depletable resource model that differ only in the treatment of marginal extraction cost. Assume that in the second version the constant marginal extraction cost
Assume the same demand conditions as stated in Problem 1, but let the discount rate be 0.10 and the marginal cost of extraction be $4. How much would be produced in each period in an efficient
In the numerical example given in the text, the inverse demand function for the depletable resource is P = 8 – 0.4qt and the marginal cost of supplying it is $2. (a) If 20 units are to be allocated
a. Suppose that hedonic wage studies indicate a willingness to pay $50 per person for a reduction in the risk of a premature death from an environmental hazard of 1/100,000. If the exposed population
Professor Kip Viscusi estimated that the cost per life saved by current government risk-reducing programs ranges from $100,000 for unvented space heaters to $72 billion for a proposed standard to

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