Explain how tradable permits are expected to function

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Reference no: EM133677

QUESTION 1

(a) Distinguish between the weak form and strong form of sustainable development

(b) Explain how market failures lead to environmental resource degradation

(i) Direct use values;

(ii) Indirect use values;

(iii) Option values;

(iv) Existence values;

(v) Bequest values;

(d) Contingent valuation is a technique to be applied to value environmental resources

(i) Explain fully how it works and in what contexts it is used

(ii) What are its strengths and limitations?

QUESTION 2

(a) Describe how environment economists use the concept of ‘Consumer Surplus' and ‘Total Economic Value' to estimate damage to

environmental resources

(b) Discuss how the Coarsian principle is expected to provide a solution to the problem of environment degradation. Support your answer with empirical evidences

(c) Distinguish between market-based instruments and command and control instruments to achieve the optimum level of pollution

QUESTION 3

(a) Explain fully the difference between the maximum sustainable yield and the economically efficient sustained yield

(b) Discuss the various approaches to fisheries management

(c) Surveys of artisanal fishers in Mauritius reveal that most of them are not willing to fish in the off-lagoon areas and this leading to over-exploitation of fisheries in the Mauritian lagoons. What would you recommend as a fisheries management strategy to prevent the over-exploitation of lagoons? Explain your answer

QUESTION 4

(a) Distinguish between the travel cost method and the hedonic method to value the environment

(b) Explain fully how you would conduct a travel cost survey to estimate the value of recreational services of a beach

QUESTION 5

Transboundary pollution problems are instances of pollution involving the actions of more than one country. One example is the emission of carbon which is causing global warming

(a) Explain fully how transboundary pollution is characterised as a problem of international externalities

(b) The introduction of tradable permits has been advanced as a possible solution to the problem of global warming

(i) Explain how tradable permits are expected to function

(ii)Discuss the effectiveness of introducing tradable permits as a climate policy

Reference no: EM133677

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