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Markets and the Environment Second Edition

By Nathaniel Keohane and Sheila Olmstead "Provides a concise introduction to the economic theory of environmental policy and natural resource management."

-Journal of Economic Literature Washington, DC (January 15, 2016) – A clear grasp of economics is essential to understanding why environmental problems arise and how we can address them. So it is with good reason that Markets and the Environment has become a classic text in environmental studies since its first publication in 2007. Now thoroughly revised with updated information on current environmental policy and real-world examples of marketbased instruments, the primer is more relevant than ever.

Economists Nathaniel Keohane and Sheila Olmstead provide a concise yet thorough introduction to the economic theory of environmental policy and natural resource management. By applying important concepts to real-world environmental problems, the authors help students and professionals understand the fundamentals of environmental economics.

They begin with an overview of environmental economics before exploring topics including cost-benefit analysis, market failures and successes, and economic growth and sustainability. Readers of the first edition will notice new analysis of cost estimation as well as specific market instruments, including municipal water pricing and waste disposal.

Particular attention is paid to behavioral economics and cap-and-trade programs for carbon.

Markets and the Environment, Second Edition (Publication Date: January 5, 2016) is written in an accessible, student-friendly style. It includes study questions for each chapter, as well ISLAND PRESS | PRESS RELEASE | 1

as clear figures and relatable text boxes. The authors have long understood the need for a book to bridge the gap between short articles on environmental economics and tomes filled with complex algebra. This new edition makes clear how economics influences policy, the world around us, and our own lives.

Nathaniel Keohane is a Vice President at Environmental Defense Fund, where he leads EDF’s International Climate program and helps to shape the organization’s advocacy for environmentally effective and economically sound climate policy. Dr. Keohane's areas of expertise include U.S. and international climate and energy policy, the economic impact of climate change, the benefits and costs of reducing greenhouse gas emissions, and the design and performance of cap-and-trade programs and other policy instruments.

Sheila Olmstead joined the Lydon B. Johnson School of Public Affairs at the University of Texas at Austin as an Associate Professor of Public Affairs in 2013. Before joining the LBJ School, Dr. Olmstead was an Associate Professor (2007-2010) and Assistant Professor (2002-2007) of Environmental Economics at the Yale University School of Forestry and Environmental Studies, where she was the recipient of three teaching awards.

Markets and the Environment, Second Edition

By Nathaniel Keohane and Sheila Olmstead Paperback and E-book Publication Date: January 5, 2016 340 pages | Price: $30.00 ISBN: 978-1-61091-607-3 http://www.islandpress.org/book/markets-and-the-environment-second-edition Founded in 1984, Island Press works to stimulate, shape, and communicate the information that is essential for solving environmental problems. Today, with more than 800 titles in print and some 40 new releases each year, it is the nation’s leading publisher of books on environmental issues. But Island Press does more than publish books. It advances environmental science by nurturing the exchange of ideas across disciplines and sectors, and by helping to create a multidisciplinary literature on environmental problems and solutions. The knowledge created is spread far beyond the range of a limited marketplace through sophisticated communications initiatives that reach journalists, academics, policymakers, practitioners and the general public. Through these efforts, Island Press is driving change by moving ideas from the printed page to public discourse and practice.

Island Press’s emphasis is, and will continue to be, on transforming objective information into understanding and action. For more information and further updates be sure to visit www.islandpress.org. ###

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