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Environmental Economics & the Mining Industry : Studies in Risk and Uncertainty - Professor Wade E. Martin

Environmental Economics & the Mining Industry

Studies in Risk and Uncertainty

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Published: 31st October 1993
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Superfund liability). This is an issue that is currently having an dramatic impact on the industry. The impact is being felt in transactions involving the potential sale of properties, insuring operations, development of new properties, joint ventures, or more generally, practically every phase of the mining firms operation. The second issue focuses on an environmental topic that has not been specifically addressed in federal legislation, although it has been indirectly considered, that is global warming or the "greenhouse effect". One of the interesting aspects to this environmental problem is the uncertainty associated with it at every phase of the analysis. The predictions of the general circulation models of climatologists are questioned due to the uncertainty of ocean effects, urbanization, etc. (see Burness & Martin, Chapter 5). The economic models are criticized for the uncertainty associated with the benefit estimates from reducing greenhouse gases, particularly carbon dioxide (COJ, concentrations in the atmosphere as well as estimates of the cost of reducing GHG concentrations and/or emissions. This raises the interesting question of what is the optimal policy and what will be the impact of this policy(s) on the mining sector, given the uncertainty. The first of these two topics is addressed by V. Kerry Smith and Ronald G. Cummings, et al. Professors Smith and Cummings were chosen due to their pioneering work in the area of valuation of nonmarket goods, particularly involving the use of survey methods.

Mining and the Environment: An Introductionp. 1
Natural Resource Damage Assessment: Valuing Nonmarket Goodsp. 4
Global Warming and the Mining Sectorp. 9
Natural Resource Damage Assessments and the Mineral Sector: Valuation in the Courtsp. 15
Introductionp. 15
Natural Resource Damage Assessment: An Overviewp. 17
Applying Nonmarket Valuation Methods in NRDAp. 22
Complete Restoration, Strict Liability, and Efficiencyp. 34
NRDA and the Mineral Industryp. 35
Valuing Environmental Damages With the Contingent Valuation Method: A Critiquep. 53
Overview of the Problemp. 53
Do CVM Subjects Understand the Good Which They are to Value?p. 54
Do CVM Subjects Understand the Hypothetical Market?p. 63
What is the Empirical Content of CVM Value Responses?p. 67
Concluding Remarksp. 72
Intergenerational Fairness and Global Warmingp. 79
Introductionp. 79
Regional Impacts of Global Warmingp. 80
Intertemporal Impacts of Global Warmingp. 89
Economic Mitigation Strategiesp. 93
Summary and Conclusionsp. 97
The Effects of Global Warming on the Mining Industry: Issues, Tradeoffs and Optionsp. 107
Introductionp. 107
The Physical Nature of Global Warmingp. 109
A Heuristic Economic Model of Global Warmingp. 112
Effects on the Mining Industryp. 119
Summary and Conclusionsp. 124
Table of Contents provided by Blackwell. All Rights Reserved.

ISBN: 9780792394044
ISBN-10: 0792394046
Series: Studies in Risk and Uncertainty
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 130
Published: 31st October 1993
Publisher: Springer
Country of Publication: NL
Dimensions (cm): 23.5 x 15.5  x 1.27
Weight (kg): 0.83