Sustainability and efficiency are potentially conflicting social objectives in natural resource management. We propose a market mechanism to allocate use rights over a stochastic resource to private managers. The mechanism endogenously determines the maximal tenure length guaranteeing that the...

This book, based on lectures on natural and environmental resource economics, offers a nontechnical exposition of the modern theory of sustainability in the presence of resource scarcity. It applies an alternative take on environmental economics, focusing on the economics of the natural...

1 The Classical Roots of Resource Economics -- 2 Optimal Depletion of Exhaustible Resources -- 3 Renewable Resources -- 4 Environmental Resources: Dynamics, Irreversibility and Option Value -- 5 Resources, Growth and Sustainability -- 6 Climate: The Ultimate Resource?.

Cover -- Half Title -- Title Page -- Copyright Page -- Table of Contents -- List of Figures -- List of Tables -- Abbreviations -- Acknowledgments -- About the Author -- Chapter 1: Introduction -- 1.1 What are Sustainability and Sustainability Science? -- 1.2 Philosophy -- 1.3 Outline -- 1.4 An...

Sustainability and human well-being -- The environmental impact -- Risk, resilience, and system dynamics -- Sustainable development : how to avoid collapse and build a better society -- Nonrenewable resources : oil and minerals -- Global climate change -- Responses to global climate change --...