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Review of Environmental Economics and Policy 2007 1(2):300-318; doi:10.1093/reep/rem019
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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. Thanks are due to (without implicating them in any way) Allen Basala, Ed Chu, Bill Desvousges, Charlie Kolstad, Subhrendu Pattanayak, Jaren Pope, and Aaron Strong for their suggestions and to Suzy Leonard for her significant contributions in improving its readability. Special thanks are due to Michael Greenstone for a quick and very constructive review of an earlier draft. They are also due to Vicenta Ditto for making sense of numerous earlier drafts of this manuscript

This paper considers two areas of current research related to environmental economics: 1. the use of quasi-experimental or "experimentalist" methods to evaluate the effects of environmental policies; and 2. the implications of the Stern Report on the economic consequences of global climate change. The objective of the paper is to stimulate the discussion and exchange of ideas. The paper examines applications of the experimentalist approach to hedonic property models associated with the regulation of air pollution and the cleanup of hazardous waste at Superfund sites. The discussion of the Stern Report considers whether we should evaluate the merits of reducing the stringency of current environmental policies in order to increase the efforts devoted to controlling pollutants that contribute to long term climate risks.

Key Words: quasi-experimental methods • air pollution policy • hazardous waste policy • climate change

JEL: Q50, D60


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