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Currencies and the Commodification of Environmental Law

dc.contributor.authorRuhl, J. B.
dc.contributor.authorSalzman, James
dc.date.accessioned2014-01-10T21:36:06Z
dc.date.available2014-01-10T21:36:06Z
dc.date.issued2000
dc.identifier.citation53 Stan. L. Rev. 607 (2000)en_US
dc.identifier.urihttp://hdl.handle.net/1803/5860
dc.description.abstractThe success of several environmental trading markets (ETMs) has led to proposals for broader use of ETMs in environmental and resource management policy. The successful ETMs all share a basic feature-they exchange units of trade that are fungible, such as tons of sulfur dioxide or kilos of fish. This feature of trading promotes resource allocation efficiency while advancing environmental protection. But most commodities exchanged in current and proposed ETMs, such as wetlands and endangered species habitat, exhibit nonfungibilities across the dimensions of type, time, and space. Using ETMs to trade these commodities is no longer trading "environmental apples for apples," and thus the rationale for using ETMs is called into question. In this article, the authors develop a comprehensive analytical framework for evaluating ETMs from the perspective of commodity nonfungibility and explore the challenge presented by trading environmental apples for oranges. They argue that by focusing on nonfungible commodities and their currencies we can better explain the design of ETMs, their rules of exchange, and provisions for public participation.en_US
dc.format.extent1 document (89 pages)en_US
dc.format.mimetypeapplication/pdf
dc.language.isoen_USen_US
dc.publisherStanford Law Reviewen_US
dc.subjectEnvironmental trading marketsen_US
dc.subject.lcshEnvironmental economics -- United Statesen_US
dc.subject.lcshEnvironmental policy -- Economic aspects -- United Statesen_US
dc.titleCurrencies and the Commodification of Environmental Lawen_US
dc.typeArticleen_US
dc.identifier.ssrn-urihttp://ssrn.com/abstract=206628


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