Classic Papers in Natural Resource Economics

CHENNAT GOPALAKRISHNAN is Professor of Natural Resource Economics at the University of Hawaii. He has published three books, Natural Resources and Energy, Theory and Policy and The Economics of Energy in Agriculture and approximately sixty journal articles and papers dealing with current and emerging issues in natural resource economics and policy.

• Preface Acknowledgements Notes on the Contributors Classic Papers in Natural Resource Economics: An Overview; C.Gopalakrishnan PART I: THE INTERTEMPORAL PROBLEM The Social Time Preference Discount Rate in Cost Benefit Analysis; M.S.Feldstein On the Social Rate of Discount; W.F.Baumol Uncertainty and the Evaluation of Public Investment Decisions; K.J.Arrow & R.C.Lind Environment Preservation, Uncertainty and Irreversibility; K.J.Arrow & A.C.Fisher PART II: EXTERNALITIES AND MARKET FAILURE The Problem of Social Cost; R.Coase Externality ; J.Buchanan & W.C.Stubblebine On Divergences Between Social Cost and Private Cost; R.Turvey PART III: PROPERTY RIGHTS, INSTITUTIONS AND PUBLIC CHOICE Toward a Theory of Property Rights; H.Demsetz The Economic Theory of a Common Property Resource: The Fishery; H.S.Gordon Politics, Policy and the Pigovian Margins; J.Buchanan PART IV: THE ECONOMICS OF EXHAUSTIBLE RESOURCES The Economics of Exhaustible Resources; H.Hotelling The Economics of Resources or the Resources of Economics; R.M.Solow PART V: THE ECONOMICS OF RENEWABLE RESOURCES Economics of Production from Natural Resources; V.L.Smith Economics of Forestry in an Evolving Society; P.A.Samuelson Further Readings Index

'The title says it all. This book presents in one clear volume a collection of major papers in the field of natural resource economics. Containing many of the classics in the field, upon which much of the current literature is built, this book is a must-have for any resource economist's library.' - Lynne Bennett, Yale University 'This collection of classic papers deserves space on the bookshelf of every natural resource economist. The papers could not have been better selected, and readers will find Gopalakrishnan's well-crafted overview paper helpful in understanding what makes each paper a classic.' - Ray Huffaker, Washington State University 'All economists who have taught courses in the economics of natural resources have faced the daunting task of choosing readings (perhaps to supplement a textbook) that best represent the field. No longer! Gopalakrishnan's volume has done the job for us. Not only are the pieces judiciously selected for inclusion, but their value as a composite is enhanced by their organization into major topical areas. I can hardly wait for the opportunity to use this book.' - B. Delworth Gardner, Brigham Young University 'The title says it all. This book presents in one volume a collection of major papers in the field of natural resource economics. Containing many of the classics in the field, upon which much of the current literature is built, this book is a must-have for any resource economist's library.' - Lynne Bennet, Yale University 'This collection of classic papers deserves space on the bookshelf of every natural resource economist. The papers could not have been better selected, and readers will find Gopalakrishnan's well-crafted overview paper helpful in understanding what makes each paper a classic.' - Ray Huffaker, Washington State University 'This edited volume by Professor Gopalakrishnan comprises an excellent selection of the theoretical underpinnings of much of natural resource economics and applied welfare economics generally. It should be quite useful as a supplemental source in graduate courses in resources, environmental economics and applied welfare economics.' - Charles W. Howe, University of Colorado at Boulder