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dc.contributor.author Andersen, Stephen O en_US
dc.date.accessioned 2008-07-17T22:36:23Z en_US
dc.date.available 2008-07-17T22:36:23Z en_US
dc.date.issued 1982-08 en_US
dc.identifier.citation Andersen SO. 1983. Economics and Law of Compensation: Natural resources Policy. Honolulu (HI): Water Resources Research Center, University of Hawaii at Manoa. WRRC technical report, 155. en_US
dc.identifier.uri http://hdl.handle.net/10125/1982 en_US
dc.description.abstract Most economists advocate full compensation for natural resource use and for personal injury. The intent of these positions is to assure proper resource allocation and equity. However, this advocacy often neglects nonmarket resources and perspectives of future generations. This neglect is compounded by the separation of legal process and economic analysis. As a consequence, many economists fail to understand how incomplete compensation is and lawyers frequently find economic analysis too naive and obscure to be useful. In this report economic and legal theories are described, contrasted, and integrated in a pragmatic conceptual framework. Causes of inadequate compensation are defined using a case-study methodology. Two types of case studies are presented. The first summarizes the published record of compensation for privately induced damage to natural environments; the second presents the results of an original survey on mitigation to environmental impacts of contested water projects. Compensation in both cases is inadequate, in terms of equity and eliminating externalities, because of biased institutional factors. To make compensation more adequate,changes in property rights, liability rules, and insurance are suggested in combination with enhanced public trust doctrine. en_US
dc.description.sponsorship Grant/Contract No. S-001 en_US
dc.format.extent ix + 110 pages en_US
dc.language.iso en-US en_US
dc.publisher Water Resources Research Center, University of Hawaii at Manoa en_US
dc.relation.ispartofseries WRRC Technical Report en_US
dc.relation.ispartofseries 155 en_US
dc.subject compensation en_US
dc.subject natural resources en_US
dc.subject economic justification en_US
dc.subject property rights en_US
dc.subject Pareto optimality en_US
dc.subject environmental effects en_US
dc.subject water law en_US
dc.subject resources management en_US
dc.subject Coase anioms en_US
dc.subject social economics en_US
dc.subject Mono Lake en_US
dc.subject Manville bankruptcy en_US
dc.subject law of waste en_US
dc.subject.lcsh Natural resources -- Law and legislation. en_US
dc.title WRRCTR No.155 Economics and Law of Compensation: Natural resources Policy en_US
dc.type Report en_US
dc.type.dcmi Text en_US

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