Valuing Environment and Natural Resources

ValuingEnvironmentAndNaturalResourcesThe two-volume tome Valuing Environment and Natural Resources, edited by Kenneth G. Willis and Guy Garrod, was published last year. It is interesting of at least two reasons. In the interest of backwardness, the least important reason is that it is titled almost identically to the book Valuing Environmental and Natural Resources (look again) by Timothy C. Haab (of and Kenneth E. McConnell. As if the similarity in the title was not enough, they are both published on Edward Elgar.

The other, more important, reason for taking an interest in Valuing Environment and Natural Resources is buried deep in volume two. In chapter 32 of volume two, to be exact. Chapter 32, the first chapter in Part X (Marine), is namely a reprint of my very first published article. The article appeared initially in the journal Marine Resource Economics, volume 23, number 2, and was titled ‘The Premium of Marine Protected Areas: A Simple Valuation Model.’ The abstract goes as follows:


The article addresses the induced cost, the premium, from establishing a marine protected area in a deterministic model of a fishery. Outside the protected area, the fishery is managed optimally through total allowable catch quotas. The premium is found to be increasing and convex along the protection parameter. Biological measures are introduced to increase the understanding of the mechanisms in the bioeconomic system. Time-series solutions show that the net return per unit of fish increases after the protected area is established.

In fact, I discovered that the article was reprinted by mere accident (if to google yourself could be regarded a ‘mere’ accident). While I know the journal holds certain rights, I was surprised I was not even informed about the reprint. Oh well. Other authors who’s work are reprinted include big guns like Ian Bateman, Nick Hanley, John List, V. Kerry Smith, Jason Shogren, and a number of others and it is rather pleasant to be reprinted in the same book as them. The publisher describes the book as follows:

Over-exploitation of environment and natural resources is becoming increasingly widespread in the modern world. To combat this, environmental economists have attempted to value such resources in order to ensure that they are given due recognition in any ex ante appraisal, or ex post evaluation of projects or policies; and also to ensure that optimal levels of consumption are determined for the resource. This authoritative collection, along with an original introduction by the editors, brings together seminal papers published in the last three decades which demonstrate the application of a number of techniques employed to value a range of environmental and natural resources. It will be of immense value to students, scholars and practitioners with an interest in environmental affairs and natural resources. [Yes, italics are mine…]



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