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Markets and Sustainability

Author

Listed:
  • Heal, G.

Abstract

Do markets lead us to make sustainable choices? If not, why not? And what would we need to do to remedy this? This paper takes a preliminary look at these questions. It identifies three categories of reasons why market choices may not be sustainable, related to valuation of the future, recognition of the benefits provided by environmental assets, and incorrect incentives. It gives examples of cases in which these problems have been corrected, and considers the scope for a more positive relation between market forces and conservation of the environment.

Suggested Citation

  • Heal, G., 1998. "Markets and Sustainability," Papers 98-02, Columbia - Graduate School of Business.
    • Handle: RePEc:fth:colubu:98-02
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    Citations

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    Cited by:

    1. Geoffrey Heal & Bengt Kriström, 2002. "Uncertainty and Climate Change," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 22(1), pages 3-39, June.
    2. Susanne Soretz, 2003. "Stochastic Pollution and Environmental Care in an Endogenous Growth Model," Manchester School, University of Manchester, vol. 71(4), pages 448-469, July.
    3. Chichilnisky, Graciela & Heal, Geoffrey, 1998. "Managing unknown risks: the future of global reinsurance," MPRA Paper 8820, University Library of Munich, Germany.
    4. Paul J. Ferraro & R. David Simpson, 2002. "The Cost-Effectiveness of Conservation Payments," Land Economics, University of Wisconsin Press, vol. 78(3), pages 339-353.
    5. Susanne Soretz, 2007. "Efficient Dynamic Pollution Taxation in an Uncertain Environment," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 36(1), pages 57-84, January.

    More about this item

    Keywords

    INCENTIVES ; ENVIRONMENT ; MARKETS STRUCTURES;
    All these keywords.

    JEL classification:

    • D84 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Expectations; Speculations
    • Q20 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - General
    • D40 - Microeconomics - - Market Structure, Pricing, and Design - - - General

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