Choices and the value of natural capital
In: Oxford review of economic policy, Band 35, Heft 1, S. 120-137
ISSN: 1460-2121
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In: Oxford review of economic policy, Band 35, Heft 1, S. 120-137
ISSN: 1460-2121
In: American Journal of Agricultural Economics, Band 89, Heft 4, S. 904-920
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In: NBER Working Paper No. w23591
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Working paper
The tradable or transferable permit system, "cap and trade", is one of the most innovative policy options developed by environmental economists. Over the last 40 years, cap and trade programs have been used around the globe by some of the world's biggest economies. By placing a cap on a bad, whether a pollutant or excess fish mortality, and then allowing firms to buy and sell the right to generate it, policy makers combine government intervention with market-based incentives in order to improve welfare and internalize the externality. Such programs represent a great opportunity for economics instructors to show students how economic theory can be used in the real world by policy makers while teaching foundational economic concepts. By using an in-class game that utilizes a mobile app or paper-based interaction to create a market for a pollutant (or another rival but non-excludable resource), students can learn several important tenants of economics. These include how prices are formed and how price-based incentives lead to voluntary, as if cooperative, behavior by agents. This active learning method engages students while improving their comprehension of price formation, gains from trade, voluntary response to incentives, and an important environmental economics policy.
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In: CESifo Working Paper No. 7583
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In: American Journal of Agricultural Economics, Band 96, Heft 3, S. 615-630
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In: Environmental and resource economics, Band 59, Heft 2, S. 231-255
ISSN: 1573-1502
In: Environmental and resource economics, Band 70, Heft 3, S. 673-689
ISSN: 1573-1502
In: Environmental and resource economics, Band 70, Heft 3, S. 631-650
ISSN: 1573-1502
In: Journal of economic dynamics & control, Band 53, S. 192-207
ISSN: 0165-1889
In: Review of agricultural economics: RAE, Band 27, Heft 3, S. 483-490
ISSN: 1467-9353
In: MIT Center for Real Estate Research Paper No. 23/22
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In: Ecology and society: E&S ; a journal of integrative science for resilience and sustainability, Band 20, Heft 2
ISSN: 1708-3087
In: Ecology and society: E&S ; a journal of integrative science for resilience and sustainability, Band 19, Heft 4
ISSN: 1708-3087
In: Environmental and resource economics, Band 41, Heft 1, S. 47-70
ISSN: 1573-1502