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Taking Time for the Environment: On Timing and the Role of Delays in Environmental and Resource Economics

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  • Lucas Bretschger

    (CER-ETH Centre of Economic Research at ETH Zurich)

  • Sjak Smulders

    (Tilburg University)

Abstract

Ecosystem transformation and climate change evolve over long time scales. The effects of the economic decisions on the natural environment are also of a long-run character because they relate to investment decisions and capital stocks. At the same time, the economy is short-sighted and subject to different kinds of market failures. The time it takes to notice the changes and adequately address the associated problems affects the dynamics and inertia of the process. We discuss some recent contributions and new research questions that deal with time and timing in environmental and resource economics.

Suggested Citation

  • Lucas Bretschger & Sjak Smulders, 2018. "Taking Time for the Environment: On Timing and the Role of Delays in Environmental and Resource Economics," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 70(4), pages 731-736, August.
    • Handle: RePEc:kap:enreec:v:70:y:2018:i:4:d:10.1007_s10640-017-0175-y
    DOI: 10.1007/s10640-017-0175-y
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    References listed on IDEAS

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    1. Derek Lemoine & Ivan Rudik, 2017. "Steering the Climate System: Using Inertia to Lower the Cost of Policy," American Economic Review, American Economic Association, vol. 107(10), pages 2947-2957, October.
    2. Lucas Bretschger & Christos Karydas, 2018. "Optimum Growth and Carbon Policies with Lags in the Climate System," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 70(4), pages 781-806, August.
    3. Harold Hotelling, 1931. "The Economics of Exhaustible Resources," Journal of Political Economy, University of Chicago Press, vol. 39, pages 137-137.
    4. Malik Curuk & Suphi Sen, 2015. "Oil Trade and Climate Policy," CESifo Working Paper Series 5285, CESifo.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Chiara Franco & Claudia Ghisetti, 2022. "What shapes the “value-action” gap? The role of time perception reconsidered," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 39(3), pages 1023-1053, October.

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    More about this item

    Keywords

    Time; Inertia; Environmental policy; Climate change; Decision delay;
    All these keywords.

    JEL classification:

    • Q20 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - General
    • Q32 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Exhaustible Resources and Economic Development
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming

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