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The Use of Markets To Increase Private Investment in Environmental Stewardship

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Author Info

  • Ribaudo, Marc
  • Hansen, LeRoy T.
  • Hellerstein, Daniel
  • Greene, Catherine R.

Abstract

U.S. farmers and ranchers produce a wide variety of commodities for food, fuel, and fiber in response to market signals. Farms also contain significant amounts of natural resources that can provide a host of environmental services, including cleaner air and water, flood control, and improved wildlife habitat. Environmental services are often valued by society, but because they are a public good—that is, people can obtain them without paying for them—farmers and ranchers may not benefit financially from producing them. As a result, farmers and ranchers under-provide these services. This report explores the use of market mechanisms, such as emissions trading and eco-labels, to increase private investment in environmental stewardship. Such investments could complement or even replace public investments in traditional conservation programs. The report also defines roles for government in the creation and function of markets for environmental services.

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Bibliographic Info

Paper provided by United States Department of Agriculture, Economic Research Service in its series Economic Research Report with number 56473.

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Date of creation: Sep 2008
Date of revision:
Handle: RePEc:ags:uersrr:56473

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Related research

Keywords: Eco-labeling; environmental service; emissions trading; market; public good; supply and demand; transaction cost; Agricultural and Food Policy; Demand and Price Analysis; Environmental Economics and Policy;

References

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  1. Robert D. Weaver & David J. Evans & A. E. Luloff, 1992. "Pesticide use in tomato production: Consumer concerns and willingness-to-pay," Agribusiness, John Wiley & Sons, Ltd., vol. 8(2), pages 131-142.
  2. Greene, Catherine R., 2001. "U.S. Organic Farming Emerges in the 1990s: Adoption of Certified Systems," Agricultural Information Bulletins 33777, United States Department of Agriculture, Economic Research Service.
  3. Lohr, Luanne & Salomonsson, Lennart, 1998. "Conversion Subsidies For Organic Production: Results From Sweden And Lessons For The United States," Faculty Series 16640, University of Georgia, Department of Agricultural and Applied Economics.
  4. Boyd, James & Banzhaf, H. Spencer, 2006. "What Are Ecosystem Services?," Discussion Papers dp-06-02, Resources For the Future.
  5. Cason, Timothy N. & Gangadharan, Lata, 2002. "Environmental Labeling and Incomplete Consumer Information in Laboratory Markets," Journal of Environmental Economics and Management, Elsevier, vol. 43(1), pages 113-134, January.
  6. Stavins Robert N., 1995. "Transaction Costs and Tradeable Permits," Journal of Environmental Economics and Management, Elsevier, vol. 29(2), pages 133-148, September.
  7. Shabman, Leonard & Scodari, Paul, 2004. "Past, Present, and Future of Wetlands Credit Sales," Discussion Papers dp-04-48, Resources For the Future.
  8. John M. Antle, 1999. "The New Economics of Agriculture," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 81(5), pages 993-1010.
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Citations

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Cited by:
  1. Ribaudo, Marc & Greene, Catherine & Hansen, LeRoy & Hellerstein, Daniel, 2010. "Ecosystem services from agriculture: Steps for expanding markets," Ecological Economics, Elsevier, vol. 69(11), pages 2085-2092, September.
  2. Hansen, LeRoy T., 2009. "The Viability of Creating Wetlands for the Sale of Carbon Offsets," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 34(2), August.
  3. Sergey Rabotyagov & Catherine L. Kling & Philip W. Gassman & Nancy N. Rabalais & R. Eugene Turner, 2012. "Economics of Dead Zones: Linking Externalities from the Land to their Consequences in the Sea, The," Center for Agricultural and Rural Development (CARD) Publications 12-wp534, Center for Agricultural and Rural Development (CARD) at Iowa State University.
  4. Jenkins, W. Aaron & Murray, Brian C. & Kramer, Randall A. & Faulkner, Stephen P., 2010. "Valuing ecosystem services from wetlands restoration in the Mississippi Alluvial Valley," Ecological Economics, Elsevier, vol. 69(5), pages 1051-1061, March.
  5. Anonymous, 2008. "The 30-Year Challenge: Agriculture's Strategic Role in Feeding and Fueling a Growing World," Issue Reports 45719, Farm Foundation.
  6. Valcu, Adriana & Rabotyagov, Sergey S. & Kling, C.L., 2013. "Flexible Practice-Based Approaches For Controlling Multiple Agricultural Nonpoint-Source Water Pollution," 2013 Annual Meeting, August 4-6, 2013, Washington, D.C. 150450, Agricultural and Applied Economics Association.

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