The Law and Economics of the Environment

’… their collection together here represents a valuable addition to the library of those who are concerned with studying, teaching analysing, practicing, or making, environmental law as well as students and practitioners of environmental economics.’ – David Hadley, The Economic Journal‘The exploration of the basic economics of externalities and the basic common law doctrines and institutions for dealing with externalities constitute a ‘first generation’ of economic analysis of environmental law. The present book of essays illustrates the ‘second generation’ of economic analysis of environmental law. The fundamental economic issues, and the common law, are no longer the focus. The lessons of the ‘first generation’ have been absorbed and transcended. The focus has shifted to the level of application, which is the level at which the economist and the lawyer-economist can best hope to influence policy. We are making progress and the essays in this volume will do much to assure that progress continues.’ – From the foreword by Richard A. Posner, United States Court of Appeals for the Seventh Circuit and University of Chicago Law School, US‘One of the most exciting and productive areas of research in environmental policy is resulting from the integration of the traditionally separate fields of environmental economics and law and economics. This book brings together the top researchers engaged in this enterprise to share the useful insights that are emerging. Both in terms of the scope of coverage and the depth of analysis this is an absolutely first-rate book.’ – Tom Tietenberg, Colby College, US

Edited by Anthony Heyes, Birmingham Business School, University of Birmingham, UK