Classic Papers in Natural Resource Economics
Classic Papers in Natural Resource Economics brings together a choice selection of some of the most enduring academic writing published in this field in a single volume. The fourteen papers included in this book are grouped into five sections: the interte
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Also by Chennat Gopalakrishnan NATURAL RESOURCES AND ENERGY: Theory and Policy THE EMERGING MARINE ECONOMY OF THE PACIFIC THE ECONOMICS OF ENERGY IN AGRICULTURE
Classic Papers in Natural Resource Economics Edited by Chennat Gopalakrishnan Professor University of Hawaii at Manoa Honolulu Hawaii
First published in Great Britain 2000 by
MACMILLAN PRESS LTD Houndmills, Basingstoke, Hampshire RG21 6XS and London Companies and representatives throughout the world A catalogue record for this book is available from the British Library. ISBN 978-0-230-52321-0 (eBook)
ISBN 978-1-349-41750-6
DOI 10.1057/9780230523210
First published in the United States of America 2000 by ST. MARTIN’S PRESS, INC., Scholarly and Reference Division, 175 Fifth Avenue, New York, N.Y. 10010 Library of Congress Cataloging-in-Publication Data Classic papers in natural resource economics / edited by Chennat Gopalakrishnan. p. cm. Includes bibliographical references and index. 1. Natural resources. 2. Environmental policy. I. Gopalakrishnan, Chennat
3. Externalities (Economics)
HC59 .C574 2000 333.7—dc21 99–048233 Editorial matter and selection © Chennat Gopalakrishnan 2000 Chapter 1 © The Economic Journal 1960 Chapters 2, 3, 8, 12 and 13 © American Economic Association 1970, 1974, 1968, 1967, 1968 Chapter 4 © MIT Press, 1974 Chapter 5 © Journal of Law and Economics 1960 Chapters 6, 7 and 10 © Basil Blackwell Ltd 1962 Chapters 9 and 11 © University of Chicago Press 1954, 1931 Chapter 14 © Oxford University Press 1971 Softcover reprint of the hardcover 1st edition 2000 978-0-333-77763-3 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No paragraph of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, 90 Tottenham Court Road, London W1P 0LP. Any person who does any unauthorised act in relation to this publication may be liable to criminal prosecution and civil claims for damages. The authors have asserted their rights to be identified as the authors of this work in accordance with the Copyright, Designs and Patents Act 1988. This book is printed on paper suitable for recycling and made from fully managed and sustained forest sources. 10 09
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Contents Preface
vii
Acknowledgments
ix
List of Contributors
xi
Classic Papers in Natural Resource Economics: An Overview Chennat Gopalakrishnan I
The Intertemporal Problem
11
1 The Social Time Preference Discount Rate in Cost Benefit Analysis Martin S. Feldstein 2 On the Social Rate of Discount William F. Baumol
II
1
13 37
3 Uncertainty and the Evaluation of Public Investment Decisions Kenneth J. Arrow and Robert C. Lind
54
4 Environment Preservation, Uncertainty, and Irreversibility Kenneth J. Arrow and Anthony C. Fisher
76
Externalities and Mark
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