This paper analyzes the effect of taxation on the intertemporal allocation of an exhaustible resource. A general framework within which a large variety of taxes can be analyzed is developed and then applied to a number of specific taxes. It is shown that there exists a pattern of taxation which...

I consider the effect of empathy towards others on the internalization of interpersonal externalities and on private contributions to the provision of public goods. I show that if preferences are empathetic in the sense of depending on the well-being of others, then in an extreme case external...

I consider the effect of caring, empathy, altruism or positive reciprocity towards others - which I collectively call positive preference interdependence (PPI) - on the internalization of interpersonal externalities and on the level of private contributions to the provision of public goods. I...

I calculate the cost of replacing all power stations in the U.S. using coal and gas by wind and solar power stations by 2050, leaving electric power generation in the U.S. carbon free. Allowing for the savings in the cost of fossil fuel arising from the replacement of fossil fuel plants this is...

I make three points relating to the transition from fossil fuels to non-carbon energy. One is that the economic cost of moving from fossil fuels to renewable energy in electricity generation is very low, and probably lower than many estimates of the economic benefits from this change. The second...

This paper summarizes in non-technical terms the economic case for conserving biodiversity, and explains why we cannot rely on market forces to do this task. It reviews the policy interventions that could help in biodiversity conservation

Greater use of renewable energy is seen as a key component of any move to combat climate change, and is being aggressively promoted as such by the new U.S. administration and by other governments. Yet there is little economic analysis of renewable energy. This paper surveys what is written and...

What have we learned from the outpouring of literature as a result of the Stern Review of the Economics of Climate Change? A lot. We have explored the model space and the parameter space much more thoroughly, though there are still unexplored regions. While there are aspects of the Stern...

I extend the classical general equilibrium treatment of uncertainty about exogenous states of nature to uncertainty about prices. Traders do not know the prices at which markets will clear but have expectations over possible prices. They trade price-contingent securities (derivatives) to insure...

The increasing importance of intermittent renewable energy sources suggests a growing importance for energy storage as a way of smoothing the variable output. In this paper I investigate factors affecting the amount of energy storage needed, including the degree of intermittency and the...