Cover image for The economics of natural environments : studies in the valuation of commodity and amenity resources
The economics of natural environments : studies in the valuation of commodity and amenity resources
Krutilla, John V.
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Publication Information:
Baltimore : Published for Resources for the Future, inc. by the Johns Hopkins University Press, [1975]
Physical Description:
xviii, 292 pages : illustrations ; 23 cm
General Note:
"Represents a synthesis of selected work undertaken in the Natural Environments Program at Resources for the Future."
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In this pioneering study, Krutilla and Fisher put the amenity resources of natural environments into an analytical framework comparable to that for the extractive resources. The models and theoretical background of their techniques are illustrated by case studies which include the controversial Hells Canyon dam, the Mineral King ski resort, and the Trans-Alaska pipeline.The authors point out that resource development activities undertaken on public lands often receive financial advantages---preferential tax treatment, subsidized capital, and access to public resources---that are not taken into account in the costs of the project. True evaluation of the costs and benefits of a development project often tips the balance in favor of preserving an area in a natural state.

Table of Contents

Resources For The Futurep. v
Prefacep. xiii
Preface To The Second Editionp. xvii
Acknowledgmentsp. xix
Part I Institutional And Theoretical Considerationsp. 1
Chapter 1 Managing Natural Environmentsp. 3
Chapter 2 Externalities, Property Rights And Valuation Of Resources On The Public Landsp. 19
Chapter 3 Irreversibility And The Optimal Use Of Natural Environmentsp. 39
Referencesp. 58
Chapter 4 Further Analysis Of Irreversibility: Discounting Intergenerational Transfers And Uncertaintyp. 60
Part II Applying The Analysis: Selected Case Studiesp. 79
Introductionp. 79
Chapter 5 Hells Canyon: Asymmetric Implications Of Technical Change For Value Of Alternative Usesp. 84
Appendix 5-A Technical Change Adjustment Computational Model (Exhibit R-670)p. 108
Chapter 6 Hells Canyon Continued Evaluation Of Environmental Costsp. 122
Referencesp. 143
Appendix 6-A Preservation Benefit Computational Modelp. 147
Chapter 7 The White Cloud Peaks Wilderness Recreation Or Mew-Mill Operations?p. 151
Chapter 8 Mineral King Valley Demand Theory And Resource Valuationp. 189
Chapter 9 Allocation Of Prairie Wetlandsp. 219
Chapter 10 The Trans-Alaska Pipeline Environmental Consequences And Alternativesp. 234
Chapter 11 Summary, Conclusions, And Policy Recommendationsp. 264
Afterwordp. 285
Indexp. 293