Managing Pollution: Economic Valuation and Environmental Toxicology

Economists are concerned by a wide range of environmental impacts from pollutants, as they affect human welfare and not just human health. This insightful book demonstrates how economic analysis can contribute to decision making in environmental policy and discusses the theoretical limitations of economic valuation. Through detailed case studies including land contamination and ecosystem damage, the expert contributors illustrate the range of methods economists currently employ to address and manage the impacts of pollutants, such as multiple criteria analysis, hedonic pricing and contingent valuation. They explore applications of the cost-benefit approach to the environment but also raise questions as to its continued role compared to alternative methods. By presenting the ongoing work of economists involved with environmental management the authors hope that understanding of typical economic practice can be enhanced and perhaps complemented by natural scientists working in the fields of ecotoxicology, epidemiology and ecology. The book also discusses how the sometimes difficult interaction between natural science and economic analysis can be managed. By adopting an international perspective and providing a critical overview of contemporary economic research into environmental pollution, this book will become essential reading for environmental economists, scientists and policymakers.