The payment of compensation by those causing adverse externalities to the victims. This principle aims to internalize externalities and promote economic efficiency.
Contingent Valuation (CV) is an economic method used to estimate the value of non-market goods, such as environmental benefits, through consumer surveys. This technique helps in understanding how much individuals are willing to pay for specific features or the compensation they would require for their loss.
An emission permit allows the holder to emit a certain amount of pollution, controlling the total level of emissions through a regulated trading system.
An in-depth exploration of the EU Emissions Trading Scheme (EU ETS), its historical context, phases, key events, operational details, and impact on climate policy.
An in-depth exploration of negative externalities, their types, key events, mathematical models, importance, applicability, examples, considerations, and related terms.
The Polluter Pays Principle states that those responsible for pollution should cover the costs associated with managing and mitigating the pollution they produce.
An external effect of production that affects third parties other than the producer. Examples include pollution as a negative externality and pollination as a positive externality.
A comprehensive exploration of methods used to obtain monetary value for non-marketable goods and services, including hedonic pricing, wage premia, and travel costs. Ideal for valuing environmental goods and putting a value on the loss of life.
A tradable emission permit is a license that allows a given level of pollution and can be traded between polluters, ensuring efficient allocation of pollution rights and serving as a market-based solution to externalities.
Zero growth refers to an economy that is not experiencing further expansion. It can signify stagnation in poorer economies or a deliberate strategy in wealthy ones to address resource depletion and environmental concerns.
