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Air and Water: Integrated Assessment Models for Multiple Media

Author

Listed:
  • David A. Keiser

    (Department of Economics and the Center for Agricultural and Rural Development, Iowa State University, Ames, Iowa 50011)

  • Nicholas Z. Muller

    (Department of Economics, Middlebury College, Middlebury, Vermont 05753)

Abstract

Economics has long provided the theoretical framework for efficient pollution management. Efficiency requires equating marginal damages of pollution emissions to their marginal control costs. Recent advances in integrated assessment models (IAMs) highlight the importance of estimating and incorporating marginal damages into pollution policy design. Concurrently, this work has also advanced pollution management at the macroeconomic level. Marginal damages play a critical role in tracking total damages of pollution through national accounts. This article reviews these recent advances and discusses the status of IAMs for air and water pollution. Several exciting research challenges for future IAMs are discussed.

Suggested Citation

  • David A. Keiser & Nicholas Z. Muller, 2017. "Air and Water: Integrated Assessment Models for Multiple Media," Annual Review of Resource Economics, Annual Reviews, vol. 9(1), pages 165-184, October.
    • Handle: RePEc:anr:reseco:v:9:y:2017:p:165-184
    DOI: 10.1146/annurev-resource-100516-053501
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    Citations

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    Cited by:

    1. David A. Keiser, 2018. "The Missing Benefits of Clean Water and the Role of Mismeasured Pollution," Center for Agricultural and Rural Development (CARD) Publications 18-wp581, Center for Agricultural and Rural Development (CARD) at Iowa State University.
    2. repec:ags:aaea22:335859 is not listed on IDEAS
    3. repec:ags:aaea22:335895 is not listed on IDEAS
    4. Keiser, David A., 2018. "The Missing Benefits of Clean Water and the Role of Mismeasured Pollution," ISU General Staff Papers 201806290700001048, Iowa State University, Department of Economics.
    5. Manning, Dale T. & Rad, Mani Rouhi & Suter, Jordan F. & Goemans, Christopher & Xiang, Zaichen & Bailey, Ryan, 2020. "Non-market valuation in integrated assessment modeling: The benefits of water right retirement," Journal of Environmental Economics and Management, Elsevier, vol. 103(C).

    More about this item

    Keywords

    integrated assessment model; pollution management; nonmarket valuation;
    All these keywords.

    JEL classification:

    • Q50 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - General
    • Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects
    • Q53 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Air Pollution; Water Pollution; Noise; Hazardous Waste; Solid Waste; Recycling
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth
    • Q58 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Government Policy

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