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This lucid, up-to-date book takes a fresh look at the application of cost-benefit analysis (CBA) to environmental problems ranging from wildlife protection to global warming.

Cost-Benefit Analysis and the Environment is structured into two parts. Part one provides a critical up-to-date account of the theory and practice of CBA as applied to the environment. Part two focuses on a number of specific case studies, in particular ozone damage to agricultural crops, wilderness land use, recreation and nitrate pollution. The application of CBA to the greenhouse effect is used to illustrate the limitations of the method. The book summarizes the major problems CBA faces in environmental application.

This book will be highly relevant for the growing number of undergraduate and post-graduate courses in environmental economics and management, as well as being of interest both to academics researching in these areas, and to other professionals concerned with project appraisal and the environment.

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CHOICE Review

Hanley and Spash successfully present not only the fundamentals of traditional cost-benefit analysis, but also a reflexive consideration of the enormous difficulty involved in applying those fundamentals to the environment. Many environmental costs and benefits cannot be computed using traditional market valuation techniques, but alternative methods need some connection to welfare theory to be comparable. The profession has turned to extracting the requisite welfare values from nonmarket data, and therein lies the controversy. This text covers the broad scope of these issues in readable prose. Topics are weighted correctly; intellectual debates are described with remarkable evenhandedness; instructive applications, designed to extend the reader's understanding of both their context and the tools being exploited, are sprinkled throughout; and the documentation is superb. General readers will find the material dry and confusing because the authors presume some understanding of basic economic concepts. Readers with a working understanding of little more than introductory microeconomics should, however, be able to handle the book. More advanced readers and even practicing environmental economists will find this an interesting read and a valuable addition to their libraries. G. W. Yohe; Wesleyan University

Notas de autor provistas por Syndetics

Nick Hanley, University of Glasgow, UK and Clive L. Spash, Vienna University of Economics and Business, Austria