Discounting future costs and benefits is a crucial yet contentious practice in the appraisal of long-term public projects with environmental consequences. The standard approach typically neglects that ecosystem services are not easily substitutable with manufactured goods and often exhibit...

Discounting has to take account of ecosystem services in consumption and production. Previous literature focuses on the first aspect and shows the importance of the relative price effect, for given growth rates of consumption and ecosystem services. This paper focuses on intermediate ecosystem...

How was the birth of "Environmental Economics" related to the first Earth Day fifty years ago (April 22, 1970)? This short note introduces some ideas about an amazing burst of intellectual activity from 1968 to 1974. Environmental economics was not a field of economics before this brief period,...

Research about the circular economy is dominated by engineers, architects, and social scientists in fields other than economics. The concepts they study can be useful in economic models of policies – to reduce virgin materials extraction, to encourage green design, and to make better use of...

Corporations make significant direct contributions to environmental improvement and also indirect contributions, through expenditure on process and product innovation. We explore alternative motivations for these expenditures that look beyond the assertion that they are a consequence of business...

In this paper we test empirically with the Nordhaus and Yang (1996) RICE model the core property of the transfer scheme adv ocated by Germain, Toint and Tulkens (1997). This scheme is designed to sustain full cooperation in a voluntary international environmental agreement by making all...

The environmental regulations US firms are exposed to are often place-based, incentivizing firms to move to less regulated counties or states. Consistent with this argument, multiplant firms partially regulated under the ozone regulations of the US Clean Air Act offset regulation-induced...

A growing literature has shown that behavioral biases influence consumer choices. Such socalled internalities are ubiquitous in many settings, including energy efficiency investments and the consumption of sin goods, such as cigarettes and sugar. In this paper, we use a mechanism design approach...