Natural resources like air, water (including ground water), land and vegetation are valuable resources that are often not valued in market. Economic valuation aids exploration of the value of services provided by these resources, or to estimate damages made to them. A study was carried out in...

This paper develops a simple economic framework that is used to explain and critique the recent trend favoring site-specific contractual commitments in environmental regulation. Such contracts typically involve an exchange under which the regulator relaxes ostensibly inflexible uniform...

This article makes some steps toward a formal political economy of environmental policy. Economists' quasi-unanimous preference for sophisticated incentive regulation is reconsidered. We recast the question of instrument choice in the general mechanism design literature within an incomplete...