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.
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Paper provided by Columbia - Graduate School of Business in its series Papers with number
98-02.
Find related papers by 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 and Pricing - - - General
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