Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
39 Cards in this Set
- Front
- Back
|
Greenhouse Gases
|
A compound that traps reflected heat from the earth's surface and contributes to global warming
|
|
|
Effects of Global Warming
|
- Agricultural
-Natural Ecosystems -Ocean Acidification/Rising |
|
|
How much pollution is too much?
|
all pollution is bad, but impossible to avoid. SO at what level do benefits outweigh cost
|
|
|
Positive vs. Negative Feedback
|
Positive- Accelleration in warming
Negative- Decelleration in warming |
|
|
Kyoto Global Warming Treaty
|
Participating countries agree to reduce emissions by 5% below 1990s levels
|
|
|
Efficiency Standard
|
Carefully weighs benefits w/ costs, maximized net benefits
|
|
|
Safety Standard
|
Emphasizes human health
|
|
|
Sustainability standard
|
argues for preservation of current ecosystems
|
|
|
Public Good
|
Good that is consumed in common
|
|
|
Normative Issue
|
Focuses out attention on what should be, rather than what it is
|
|
|
Utilitarianmism
|
Belief that consumption = happiness
|
|
|
Market vs Non Market Good
|
Market- physical item
Non Market- clean air, charitable deeds, view from mountaintop |
|
|
Social Welfare Function
|
Determines desirable way of adding up individual utilities
|
|
|
Natural Capital
|
Input that nature provides for our production and consumption
|
|
|
Open Access Problem/Tragedy of the Commons
|
If people weigh private benefits-costs, as opposed to private benefits + external social benefits, they will over exploit resources when given open access
|
|
|
Resource Rents
|
When access to natural capital is restricted, resource recent is earned by those who retain access
|
|
|
Free Market Environmentalists
|
Believe polluters should be left unregulated and victims should sue to ensure environmental quality
|
|
|
Pareto-Efficient Situation
|
Situation in which it is impossible to make one person better off w/o making another worse off
|
|
|
Marginal Unit
|
The last unit of pollution reduced
|
|
|
Coase theorm
|
in the absence of transaction costs and free riding, private negotiations will arrive at efficient pollution levels
|
|
|
Polluter Pays Principle
|
generally reduces free riding/transaction costs and does not distort incentives for entry in market
|
|
|
Safety
|
Mortality risk of less than 1:1Million
Unsafe- 1:10,000 |
|
|
Cost effectiveness
|
achieves desired goal at lowest possible cost--> dollars spent per life saved
|
|
|
Criticisms of Safety Standard
|
-Inefficiently strict
-Fails sufficient guidance on cost effectiveness -Regressive impact on income distribution --> environmental racism |
|
|
LULU
|
locally unwanted land use
|
|
|
Neoclassic Economist
|
Believes created capital can substitute for natural capital on a widespread basis
|
|
|
Ecological Economist
|
believes created capital must compliment natural capital
|
|
|
Net National Welfare(NNW)
|
measure proposed by neoclassical economists to indicate whether quality of life has been increasing or decreasing
|
|
|
Dynamic Efficiency
|
Maximizing NNW over time
|
|
|
IPAT
|
Impact=population X affluence X Technology
|
|
|
Ecosystem services
|
water purification, nutrient cycling, regional climate regulation, waste processing
|
|
|
Safe Minimum Standard(SMS)
|
unique resources should be preserved at levels that prevent irreversible depletion.
|
|
|
Precautionary Principle
|
Any reduction in stock of natural capital must be compensated for by created capital w/ same services
|
|
|
Total Value of Environmental benefits
|
use values+option value+existence values.
option- future benefits uncertain existence- moral concern about endangered species, etc |
|
|
Consumer Surplus
|
the difference between what one is willing to pay and what one actually pays
|
|
|
Willingness to Pay- WTP
Willingness to Accept- WTA |
WTA- compenstaion in exchange for degredation
|
|
|
Prospect Theory
|
people view loses as more painful than potential gains
|
|
|
Estimating Non Market Benefits
|
contingent valuation- survey evaluations
Travel cost method- measure benefits associated with recreational resources, such as parks, rivers, beaches |
|
|
Hedonic Regression
|
uses changes in prices of related goods to infer a willing to pay for a healthier environment
|
