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  • Articles  (19)
  • Oxford University Press  (19)
  • American Chemical Society
  • American Institute of Physics (AIP)
  • De Gruyter
  • Institute of Physics
  • Society of Petroleum Engineers
  • Wiley
  • 2015-2019  (10)
  • 2010-2014  (9)
  • 1980-1984
  • 1955-1959
  • 1945-1949
  • 1930-1934
  • Review of Environmental Economics and Policy  (9)
  • 88666
  • Economics  (19)
  • Chemistry and Pharmacology
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  • Articles  (19)
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  • Oxford University Press  (19)
  • American Chemical Society
  • American Institute of Physics (AIP)
  • De Gruyter
  • Institute of Physics
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  • 2015-2019  (10)
  • 2010-2014  (9)
  • 1980-1984
  • 1955-1959
  • 1945-1949
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  • 1
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    Should Governments Use a Declining Discount Rate in Project Analysis? (2014)
    Oxford University Press
    Details
    Publication Date: 2014-07-23
    Description: Should governments use a discount rate that declines over time when evaluating the future benefits and costs of public projects? The argument for using a declining discount rate (DDR) is simple: if the discount rates that will be applied in the future are uncertain but positively correlated, and if the analyst can assign probabilities to these discount rates, then the result will be a declining schedule of certainty-equivalent discount rates. There is a growing empirical literature that estimates models of long-term interest rates and uses them to forecast the DDR schedule. However, this literature has been criticized because it lacks a connection to the theory of project evaluation. In benefit-cost analysis, the net benefits of a project in year t (in consumption units) are discounted to the present at the rate at which society would trade consumption in year t for consumption in the present. With simplifying assumptions, this leads to the Ramsey discounting formula, which results in a declining certainty-equivalent discount rate if the rate of growth in consumption is uncertain and if shocks to consumption are correlated over time. We conclude that the arguments in favor of a DDR are compelling and thus merit serious consideration by regulatory agencies in the United States. ( JEL : D61)
    Keywords: D61 - Allocative Efficiency ; Cost-Benefit Analysis
    Print ISSN: 1750-6816
    Electronic ISSN: 1750-6824
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Political Science , Economics
    Published by Oxford University Press
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  • 2
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    The Economics of Dead Zones: Causes, Impacts, Policy Challenges, and a Model of the Gulf of Mexico Hypoxic Zone (2014)
    Oxford University Press
    Details
    Publication Date: 2014-01-28
    Description: This article reviews and analyzes the issues related to worldwide hypoxic zones and the range of economic questions sorely in need of answers. We begin by describing the extent and causes of hypoxic zones worldwide, followed by a review of the evidence concerning ecological effects of hypoxic zones and their impacts on ecosystem services. We describe what is known about abatement options and cost-effective policy design, and then focus on the large seasonally recurring hypoxic zone in the Gulf of Mexico. We offer a simple econometric model to estimate the relationship between pollutants (nutrients) and the size of the hypoxic zone. This "production function" relationship suggests that both instantaneous and historical nutrient contributions affect the size of the zone. Our results support concerns that ecologists have raised about lags in the recovery of the ecosystem and confirm the importance of multiple nutrients as target pollutants. We conclude with a discussion of the types of research and cooperation across disciplines that are needed to support the development of policies to address this important ecological and economic issue. ( JEL : Q51, Q52, Q57, B4)
    Keywords: Q51 - Valuation of Environmental Effects, Q52 - Pollution Control Costs ; Distributional Effects ; Employment Effects, Q57 - Ecological Economics: Ecosystem Services ; Biodiversity Conservation ; Bioeconomics
    Print ISSN: 1750-6816
    Electronic ISSN: 1750-6824
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Political Science , Economics
    Published by Oxford University Press
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  • 3
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    Should Governments Use a Declining Discount Rate in Project Analysis? (2014)
    Oxford University Press
    Details
    Publication Date: 2014-07-01
    Print ISSN: 1750-6816
    Electronic ISSN: 1750-6824
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Political Science , Economics
    Published by Oxford University Press
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  • 4
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    The Economics of Dead Zones: Causes, Impacts, Policy Challenges, and a Model of the Gulf of Mexico Hypoxic Zone (2014)
    Oxford University Press
    Details
    Publication Date: 2014-01-01
    Print ISSN: 1750-6816
    Electronic ISSN: 1750-6824
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Political Science , Economics
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  • 5
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    An Introduction to the Green Paradox: The Unintended Consequences of Climate Policies (2015)
    Oxford University Press
    Details
    Publication Date: 2015-07-18
    Description: How important is the Green Paradox? We address this question in three ways. First, we present a simple model explaining how announcing a future climate policy may increase carbon emissions today – the Green Paradox effect. This effect is a result of fossil fuel producers increasing their extraction today as a response to a reduction in future resource rents. Second, we examine the theoretical and empirical literature to assess whether green paradoxes are likely to occur, and if they are, whether they are big enough to be of concern for policy makers. We consider several factors that affect the existence of the green paradox, including long-term extraction costs, short-term extraction capacities, the mix of policy instruments, and potential spatial carbon leakage to countries that have no climate policy. We find that these and other factors can sometimes strengthen, but mostly weaken, the case for concern about the green paradox. Third, we identify the lessons the literature offers for policy makers. We argue that in designing climate policy, policy makers need to consider the supply side of the fossil fuel market.
    Keywords: H23 - Externalities ; Redistributive Effects ; Environmental Taxes and Subsidies, Q31 - Demand and Supply, Q38 - Government Policy, Q54 - Climate ; Natural Disasters ; Global Warming
    Print ISSN: 1750-6816
    Electronic ISSN: 1750-6824
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Political Science , Economics
    Published by Oxford University Press
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  • 6
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    Offshore Oil and Gas Drilling: A Review of Regulatory Regimes in the United States, United Kingdom, and Norway (2015)
    Oxford University Press
    Details
    Publication Date: 2015-01-29
    Description: This article investigates the regulatory regimes for offshore oil and gas in the United States (U.S.), United Kingdom (U.K.), and Norway from both a positive and normative perspective. The positive analysis reveals that all three countries are converging on a similar regulatory system that combines strict liability, command-and-control, and management-based regulations for controlling site-specific risks. The timing of the adoption of each element in this regulatory system varies across the three countries and has been driven largely by accidents along the individual country’s continental shelf. In particular, the adoption of the management-based approach occurred after a significant accident revealed the weaknesses of a one-size-fits–all set of prescriptive rules. Although the normative analysis reveals theoretical support for the use of both liability and management-based approaches, the empirical data are limited, and the data that do exist call into question the superiority of the management-based approach over command-and-control. More research is needed that develops and systematically evaluates incentive-compatible regulatory regimes. ( JEL : Q38, Q40, Q48, K32)
    Keywords: Q38 - Government Policy, Q40 - General, Q48 - Government Policy, K32 - Environmental, Health, and Safety Law
    Print ISSN: 1750-6816
    Electronic ISSN: 1750-6824
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Political Science , Economics
    Published by Oxford University Press
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  • 7
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    Price and Market Behavior in Phase II of the EU ETS: A Review of the Literature (2016)
    Oxford University Press
    Details
    Publication Date: 2016-02-03
    Description: Since 2005, the EU ETS has provided a market-based price signal for European carbon emissions. This article reviews the literature on the formation of carbon allowance prices during phase II of the EU ETS. A consensus has emerged in the literature that allowance prices are driven by fuel prices and other variables that affect the expected amount of abatement required to meet the EU ETS emissions cap. However, this relationship is not robust, most likely because the relevant abatement technologies change with the economic conditions in which they operate. There is evidence that models that explicitly account for uncertainty about the future demand and supply of allowances are better at explaining allowance price variation during certain periods. However, our understanding of the level of the allowance price remains poor. We cannot say with any degree of confidence whether the allowance price is "right," in the sense that it reflects marginal abatement costs, or whether there is a price wedge caused by uncertainty, transaction costs, or price manipulation. Nevertheless, we find that the EU ETS market has matured in phase II compared with phase I and that banking of allowances has induced the market to incorporate the future scarcity of allowances and, as intended, to smooth the effect of temporary shocks. We argue that further research is needed in several key areas to increase our understanding of the emissions allowance market provided by the EU ETS. ( JEL : Q56, Q58)
    Keywords: Q56 - Environment and Development ; Environment and Trade ; Sustainability ; Environmental Accounting ; , Q58 - Government Policy
    Print ISSN: 1750-6816
    Electronic ISSN: 1750-6824
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Political Science , Economics
    Published by Oxford University Press
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  • 8
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    Policy Monitor--Green Buildings: Economics and Policies (2016)
    Oxford University Press
    Details
    Publication Date: 2016-09-17
    Description: This article presents an overview of green building economics and policies through a survey of theoretical and empirical evidence concerning green building practices. We define green building policy as policies that affect the entire life of the building, from design and construction to operation and deconstruction. We examine the economics of green buildings in the United States, with particular emphasis on market failures in the building sector such as information problems and externalities. We also discuss how policy instruments are used to address these market failures. We present original data on the types and potential impacts of these policy instruments in the United States, along with a brief review of international green building programs. We conclude by describing challenges for the empirical study of green buildings and priorities for future research and policy in this area.
    Keywords: R30 - General, R38 - Government Policies ; Regulatory Policies, Q50 - General, Q58 - Government Policy
    Print ISSN: 1750-6816
    Electronic ISSN: 1750-6824
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Political Science , Economics
    Published by Oxford University Press
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  • 9
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    Solar Geoengineering's Brave New World: Thoughts on the Governance of an Unprecedented Technology (2014)
    Oxford University Press
    Details
    Publication Date: 2014-07-23
    Description: Due to the failure of international efforts to limit atmospheric concentrations of greenhouse gases, consideration is now being given to solar geoengineering—a deliberate intervention to limit global warming without altering the atmospheric concentration of greenhouse gases. In contrast to emission cuts, geoengineering is expected to be cheap, quick to lower temperature, and feasible through the use of a single intervention. However, geoengineering is an imperfect substitute for emission reductions and will likely have undesirable side effects, only some of which can be anticipated before geoengineering is deployed. Most importantly, because geoengineering can be undertaken unilaterally, it creates issues of governance: Who gets to decide if, when, and how geoengineering should be attempted? This article provides an introduction to the key issues surrounding the governance of this unprecedented technology. ( JEL : Q54, F53, K33)
    Keywords: Q54 - Climate ; Natural Disasters ; Global Warming, F53 - International Agreements and Observance ; International Organizations, K33 - International Law
    Print ISSN: 1750-6816
    Electronic ISSN: 1750-6824
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Political Science , Economics
    Published by Oxford University Press
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  • 10
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    The Curious Treatment of the Coase Theorem in the Environmental Economics Literature, 1960-1979 (2014)
    Oxford University Press
    Details
    Publication Date: 2014-01-28
    Description: This article examines the first two decades of the history of the Coase theorem in environmental economics, a period during which the theorem’s validity was widely acknowledged but its relevance for economic analysis of environmental issues was almost universally dismissed. The repeated claims of the theorem’s irrelevance and its dismissive treatment in the literature raise the question of why environmental economists were so interested in the Coase theorem in the first place. Several explanations are offered here including the roots of environmental economic theory in the theory of externalities, economists’ fascination with the interesting and challenging theoretical puzzle posed by the theorem, and the normative and ideological thrust that permeated discussions of the theorem, both within and outside the field of environmental economics. ( JEL : B20, D62, K32, Q50, R11)
    Keywords: B20 - General, D62 - Externalities, K32 - Environmental, Health, and Safety Law, Q50 - General, R11 - Regional Economic Activity: Growth, Development, and Changes
    Print ISSN: 1750-6816
    Electronic ISSN: 1750-6824
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Political Science , Economics
    Published by Oxford University Press
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