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Review of Environmental Economics and Policy 2007 1(1):152-165; doi:10.1093/reep/rem005
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Copyright © The Author 2007. Published by Oxford University Press on behalf of the Association of Environmental and Resource Economists.

Reflections on the Literature

V. Kerry Smith*

* W. P. Carey Professor of Economics, Arizona State University, and University Fellow, Resources for the Future

This paper presents short discussions of recent research in three areas of environmental and resource economics. It is part of a continuing column that reviews and discusses the implications of various topics of interest in the current environmental and resource economics literature. The research areas discussed in this essay are behavioral economics and policy, the Tiebout model—old insights and new implications, and the limits to partial equilibrium benefit-cost analysis. In each case, the discussion considers one or more papers that present a framework for analysis, a set of policy recommendations, or new empirical findings.

In the first discussion, it is suggested that while behavioral economics offers a rich set of challenges to conventional theory, this does not mean the ideas are ready for the prime time of policy evaluation. The second discussion focuses on how new research based on the Tiebout logic is assembling a set of models that allows analyses of non-market behaviors to create feedbacks that influence market outcomes. The last discussion asks whether the partial equilibrium approximations conventionally used in benefit-cost analyses can be used equally well for evaluating small projects and large ones.

Thanks are conveyed to (without implicating them in any way) Allen Basala, Matt Bingham, Jim Christman, Ed Chu, Bill Desvousges, Charlie Kolstad, Steve Newbold, Dan Phaneuf, Jaren Pope, and Dawn Woodward for their suggestions and help. Thanks also to Vicenta Ditto for making sense of numerous drafts of this manuscript.


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