Access the full text.
Sign up today, get DeepDyve free for 14 days.
Loading next page...
/lp/university-of-chicago-press/complementarity-not-substitution-between-natural-and-produced-capital-Qj8nY56WUJ
References (71)
-
A. Antoci, S. Borghesi, M. Galeotti, M. Sodini (2020)
Living in an uncertain world: Environment substitution, local and global indeterminacyJournal of Economic Dynamics and Control
-
(1972)
Is growth obsolete? NBERWorking -
C. Manski (2008)
Identification for Prediction and Decision -
M. Koetse, H. Groot, R. Florax (2006)
Capital-Energy Substitution and Shifts in Factor Demand: A Meta-AnalysisEconometrics eJournal
-
J. Cragg, Stephen Donald (1993)
Testing Identifiability and Specification in Instrumental Variable ModelsEconometric Theory, 9
-
R. Costanza, H. Daly (1992)
Natural Capital and Sustainable DevelopmentConservation Biology, 6
-
Moritz Drupp (2016)
Limits to Substitution Between Ecosystem Services and Manufactured Goods and Implications for Social DiscountingEnvironmental and Resource Economics, 69
-
D. Pearce, G. Atkinson (1993)
Capital theory and the measurement of sustainable development: an indicator of “weak” sustainabilityEcological Economics, 8
-
Lisa Pfeiffer, C.-Y. Lin (2014)
Does efficient irrigation technology lead to reduced groundwater extraction? Empirical evidenceJournal of Environmental Economics and Management, 67
-
Eli Fenichel, J. Abbott (2014)
Natural Capital: From Metaphor to MeasurementJournal of the Association of Environmental and Resource Economists, 1
-
R. Solow (2008)
The Economics of Resources or the Resources of EconomicsJournal of Natural Resources Policy Research, 1
-
Matthew Kahn, E. Mansur (2013)
Do local energy prices and regulation affect the geographic concentration of employmentJournal of Public Economics, 101
-
E. Neumayer (2010)
Weak Versus Strong Sustainability: Exploring The Limits Of Two Opposing Paradigms -
P. Dasgupta, G. Heal (1980)
Economic Theory and Exhaustible Resources: THE OPTIMAL DEPLETION OF EXHAUSTIBLE RESOURCES -
M. Nadiri, S. Rosen (1969)
Interrelated Factor Demand FunctionsThe American Economic Review, 59
-
K. Arrow, P. Dasgupta, L. Goulder, K. Mumford, K. Oleson (2010)
Sustainability and the measurement of wealthEnvironment and Development Economics, 17
-
P. Ryan (1979)
The Path between the Seas: The Creation of the Panama Canal, 1870-1914 David McCulloughPacific Historical Review, 48
-
S. Smulders (2012)
An arrow in the Achilles' heel of sustainability and wealth accountingEnvironment and Development Economics, 17
-
Christian Traeger (2008)
Sustainability, limited substitutability, and non-constant social discount ratesJournal of Environmental Economics and Management, 62
-
D. Pearce, G. Atkinson, W. Dubourg (1994)
The economics of sustainable developmentAnnual Review of Energy and The Environment, 19
-
E. Barbier (1999)
Endogenous Growth and Natural Resource ScarcityEnvironmental and Resource Economics, 14
-
Nathan Chan, K. Gillingham (2015)
The Microeconomic Theory of the Rebound Effect and Its Welfare ImplicationsJournal of the Association of Environmental and Resource Economists, 2
-
K. Hamilton, Michael Clemens (1999)
Genuine Savings Rates in Developing CountriesThe World Bank Economic Review, 13
-
(1974)
Richard T -
M. Creel, J. Loomis (1991)
Confidence Intervals for Welfare Measures with Application to a Problem of Truncated CountsThe Review of Economics and Statistics, 73
-
Jeffrey Woodbridge (2002)
Econometric Analysis of Cross Section and Panel Data -
R. Sabonge (2014)
The Panama Canal expansion: A driver of change for global trade flows -
J. Hartwick (2017)
Intergenerational equity and the investing of rents from exhaustible resourcesThe American Economic Review, 67
-
F. Kleibergen, R. Paap (2003)
Generalized Reduced Rank Tests Using the Singular Value DecompositionEconometrics eJournal
-
P. Dasgupta, K. Mäler (2000)
Net national product, wealth, and social well-beingEnvironment and Development Economics, 5
-
Xueqin Zhu, S. Smulders, A. Zeeuw (2019)
Discounting in the Presence of Scarce Ecosystem ServicesCESifo Working Paper Series
-
Amirajeet Batabyal, P. Dasgupta (2002)
Human Well-Being and the Natural EnvironmentJournal of Range Management, 55
-
J. Hartwick (1978)
Substitution Among Exhaustible Resources and Intergenerational EquityThe Review of Economic Studies, 45
-
F. Cohen, C. Hepburn, A. Teytelboym (2019)
Is Natural Capital Really Substitutable?Annual Review of Environment and Resources
-
(2005)
Testing for weak instruments in linear IV regression -
Journal of Economic Perspectives—Volume 18, Number 3—Summer 2004—Pages 147–172 Are We Consuming Too Much? Kenneth -
E. Berndt, D. Wood (1979)
Engineering and Econometric Interpretations of Energy-Capital Complementarity: Reply and Further ResultsThe American Economic Review, 71
-
Eli Fenichel, Jinhuan Zhao (2014)
Sustainability and SubstitutabilityBulletin of Mathematical Biology, 77
-
E. Neumayer (1999)
Global Warming: Discounting is Not the Issue, But Substitutability IsAgricultural & Natural Resource Economics
-
R. Carson, Mikołaj Czajkowski (2013)
A new baseline model for estimating willingness to pay from discrete choice modelsJournal of Environmental Economics and Management
-
Yazid Dissou, Lilia Karnizova, Qian Sun (2015)
Industry-level Econometric Estimates of Energy-Capital-Labor Substitution with a Nested CES Production FunctionAtlantic Economic Journal, 43
-
K. Beaton, M. Hadzi-Vaskov (2017)
Panama's Growth Prospects: Determinants and Sectoral PerspectivesPolitical Economy - Development: Domestic Development Strategies eJournal
-
B. Field, Charles Grebenstein (1980)
Capital-Energy Substitution in U.S. ManufacturingThe Review of Economics and Statistics, 62
-
Eli Fenichel, J. Abbott, J. Bayham, W. Boone, Erin Haacker, Lisa Pfeiffer (2016)
Measuring the value of groundwater and other forms of natural capitalProceedings of the National Academy of Sciences, 113
-
I. Fisher (1965)
The Nature of Capital and Income -
J. Bergh (1998)
Materials, Capital, Direct/Indirect Substitution, and Mass Balance Production FunctionsLand Economics, 75
-
Arne Henningsen, Géraldine Henningsen, E. Werf (2018)
Capital-labour-energy substitution in a nested CES framework: A replication and update of Kemfert (1998)Energy Economics
-
M. Sivaraman (2016)
Natural Capital: Valuing the PlanetInternational Journal of Environmental Studies, 73
-
J. Griffin, P. Gregory (1976)
An Intercountry Translog Model of Energy Substitution ResponsesThe American Economic Review, 66
-
V. Franz (2007)
Ratios: A short guide to confidence limits and proper usearXiv: Applications
-
R. Parks (1971)
Price Responsiveness of Factor Utilization in Swedish Manufacturing, 1870-1950The Review of Economics and Statistics, 53
-
R. Pindyck, D. Rubinfeld (2002)
Econometric models and economic forecasts -
E. Fieller (1954)
SOME PROBLEMS IN INTERVAL ESTIMATIONJournal of the royal statistical society series b-methodological, 16
-
Eli Fenichel, J. Abbott, Seong Yun (2018)
The nature of natural capital and ecosystem income ✶ This work was supported by the Knobloch Family Foundation (Fenichel) and the Lenfest Oceans Program (Abbott)Handbook of Environmental Economics, 4
-
L. Bretschger (1998)
How to substitute in order to sustain: knowledge driven growth under environmental restrictionsEnvironment and Development Economics, 3
-
Moritz Drupp, Martin Hänsel (2021)
Relative Prices and Climate Policy: How the Scarcity of Nonmarket Goods Drives Policy EvaluationAmerican Economic Journal: Economic Policy
-
T. Sterner, M. Persson (2008)
An Even Sterner Review: Introducing Relative Prices into the Discounting DebateReview of Environmental Economics and Policy, 2
-
Seong Yun, B. Hutniczak, J. Abbott, Eli Fenichel (2017)
Ecosystem-based management and the wealth of ecosystemsProceedings of the National Academy of Sciences, 114
-
W. Adamowicz, Laura Calderon-Etter, Alicia Entem, Eli Fenichel, Jefferson Hall, P. Lloyd‐Smith, F. Ogden, J. Regina, Mani Rad, R. Stallard (2019)
Assessing ecological infrastructure investmentsProceedings of the National Academy of Sciences, 116
-
A. Reynaud (2003)
An Econometric Estimation of Industrial Water Demand in FranceEnvironmental and Resource Economics, 25
-
T. Park, J. Loomis, M. Creel (1991)
Confidence intervals for evaluating benefits estimates from dichotomous choice contingent valuation studies.Land Economics, 67
-
R. Gerlagh, B. Zwaan (2002)
Long-term substitutability between environmental and man-made goodsJournal of Environmental Economics and Management, 44
-
I. Krinsky, A. Robb (1986)
On Approximating the Statistical Properties of ElasticitiesThe Review of Economics and Statistics, 68
-
J. Krautkraemer (1985)
Resource amenities and the preservation of natural environments -
E. Barbier, J. Burgess (2017)
Natural Resource Economics, Planetary Boundaries and Strong SustainabilitySustainability, 9
-
Moritz Drupp, Martin Hänsel (2017)
Relative Prices and Climate Policy: How the Scarcity of Non-Market Goods Drives Policy EvaluationMicroeconomics: Production
-
M. Weitzman (2016)
Some Theoretical Connections Among Wealth, Income, Sustainability, and AccountingNBER Working Paper Series
-
(2014)
Document 616, United Nations, Economic Commission for Latin American and the Caribbean -
J. Rockström, J. Rockström, W. Steffen, W. Steffen, K. Noone, Åsa Persson, Åsa Persson, F. Chapin, E. Lambin, T. Lenton, M. Scheffer, C. Folke, C. Folke, H. Schellnhuber, B. Nykvist, B. Nykvist, C. Wit, T. Hughes, S. Leeuw, H. Rodhe, S. Sörlin, S. Sörlin, P. Snyder, R. Costanza, R. Costanza, U. Svedin, M. Falkenmark, M. Falkenmark, L. Karlberg, L. Karlberg, R. Corell, V. Fabry, J. Hansen, B. Walker, Brianna Walker, D. Liverman, D. Liverman, K. Richardson, P. Crutzen, J. Foley (2009)
A safe operating space for humanityNature, 461
-
A. Markandya, Suzette Pedroso-Galinato (2005)
How substitutable is natural capital?Environmental and Resource Economics, 37
-
L. Bretschger, S. Smulders (2012)
Sustainability and substitution of exhaustible natural resources. How structural change affects long-term R&D-investmentsBMC Cardiovascular Disorders
- Publisher
- University of Chicago Press
- Copyright
- © 2021 The Association of Environmental and Resource Economists. All rights reserved.
- ISSN
- 2333-5955
- eISSN
- 2333-5963
- DOI
- 10.1086/714675
- Publisher site
- See Article on Publisher Site
Abstract
Natural capital, and its substitutability with other forms of capital, occupies the heart of the sustainability debate. The existing theoretical and empirical literature in natural capital focuses on the static notions of substitutability and complementarity between natural capital and other forms of capital. We investigate the substitution or complementarity of natural capital stocks with other capital stocks in the forward-looking, firm production setting. We distinguish between the capital space and the services space and argue that stocks may be complements (substitutes) while flows are substitutes (complements). We show that the substitution or complementarity relationship depends on the nature of the investment, which may be unclear ex ante. We apply the approach to analyze the relationship between produced capital and natural capital in the case of the Panama Canal expansion and provide empirical evidence of complementarities between natural capital and produced capital.
Journal
Journal of the Association of Environmental and Resource Economists – University of Chicago Press
Published: Nov 1, 2021