Phosphorus is a key element in food production, but is a non-renewable resource. Recent estimates suggest that global production of P fertilizers will peak in 2033 and will be one third of that peak level by the end of the 21st century. Population and income growth will increase demand for food,...

The distinctive nature of environmental quality problems in agriculture — an industry based on the extraction of highly variable natural resources under stochastic conditions — has important implications for policy design. First, we examine the source of environmental quality problems and...