Policy makers and analysts are often faced with situations where it is unclear whether market-based instruments hold real promise of reducing costs, relative to conventional uniform standards. We develop analytic expressions ...

Theory suggests that economic instruments, such as pollution taxes or tradable permits, can provide more efficient technology adoption incentives than conventional regulatory standards. We explore this issue for an important ...

We demonstrate that when the future path of the discount rate is uncertain and highly correlated, the distant future should be discounted at significantly lower rates than suggested by the current rate. We then use two centuries ...

This book provides a state-of-the-art review of both classical and emerging themes in forest resource economics. The authors show how neo-classical economic principles can be used to analyze forest policy issues across existing ...

This book provides a state-of-the-art review of both classical and emerging themes in forest resource economics. The authors show how neo-classical economic principles can be used to analyze forest policy issues across existing ...