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Pricing Nature

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Pricing Nature

Cost–Benefit Analysis and Environmental Policy

Nick Hanley , Edward B. Barbier

Nick Hanley, University of St Andrews, UK and Edward B. Barbier, John S. Bugas Professor of Economics, University of Wyoming, US

2009 360 pp Hardback 978 1 84542 789 4
2009 Paperback 978 1 84844 470 6
ebook isbn 978 1 84980 205 5

Hardback £103.00 on-line price £92.70

Paperback £29.00 on-line price £23.20


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‘This is an excellent text that could be used in specialist academic courses in environmental and natural resource economics, ecological economics and cost–benefit analysis, as well as in interdisciplinary courses in public policy, planning and environmental management.’
– David James, Australasian Journal of Environmental Management


Further information

Cost–Benefit Analysis (CBA) is one of the most useful tools of applied economics for the social appraisal of public projects and government policies. Nick Hanley and Edward Barbier show how CBA can be applied to environmental policy choice and environmental resource management. They cover the conceptual underpinnings of CBA, practical methods for applying CBA, and a wide range of case study applications from Europe, North America and developing countries. Issues such as the value of ecosystem services and the special problems posed for CBA by environmental management are brought into close focus.

The textbook is aimed at students on inter-disciplinary courses as well as those studying environmental economics, welfare economics and public policy. It will also be of interest to people in the policy community, NGOs and consultancy sectors.

Full table of contents

Contents: 1. Introduction Part I: The Tools 2. The Theoretical Foundations of CBA 3. Stated Preference Approaches to Environmental Valuation 4. Revealed Preference Methods (1): The Travel Cost Model 5. Revealed Preference Methods (2): Hedonic Pricing 6. Valuing the Environment: Production Function Approaches 7. Discounting and the Discount Rate 8. CBA in Developing Countries: What’s Different? Part II: Case Studies 9. Valuing Ecosystem Services 10. Costs and Benefits of Water Quality Improvements 11. Valuing Habitat Protection 12. Cost–Benefit Analysis and Renewable Energy 13. The Strengths and Weaknesses of Environmental CBA Index

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