The Vermont Common Assets Trust: An institution for sustainable, just and efficient resource allocation

Ecological Economics

Volumn 109, Issue , 2015, Pages 71-79

  Farley, Joshua ^a   Costanza, Robert ^b   Flomenhoft, Gary ^a   Kirk, Daniel ^a  

^a UNIVERSITY OF VERMONT   (United States)

^b AUSTRALIAN NATIONAL UNIVERSITY   (Australia)

Author keywords

Cap and auction; Common property; Government failure; Market failures; Rent

Indexed keywords

ECOSYSTEM SERVICE; FUTURE PROSPECT; LEGAL SYSTEM; MARKET CONDITIONS; PRIVATE SECTOR; PUBLIC SECTOR; RENT CONTROL; RESOURCE ALLOCATION; SUSTAINABLE DEVELOPMENT;

UNITED STATES; VERMONT;

EID: 84910652022     PISSN: 09218009     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.ecolecon.2014.10.016     Document Type: Article

References (108)

1. Adger W.N., Luttrell C. Property rights and the utilisation of wetlands. Ecol. Econ. 2000, 35:75-89.
2. Alberola E., Chevallier J., Chèze B. Price drivers and structural breaks in European carbon prices 2005-2007. Energy Policy 2008, 36:787-797.
3. Anderson T.L. Donning Coase-coloured glasses: a property rights view of natural resource economics. Aust. J. Agric. Resour. Econ. 2004, 48:445-462.
4. Andrews, E.L., 2007. Government cannot halt oil incentives, judge rules, New York Times. New York Times, New York.
5. Arezki R., Brueckner M. Effects of international food price shocks on political institutions in low-income countries: evidence from an international food net-export price index. World Dev. 2014, 61:142-153.
6. Ariely D. Predictably Irrational 2008, Harper Collins, New York.
7. Ayres R.U., van den Bergh J.C.J.M., Lindenberger D., Warr B. The underestimated contribution of energy to economic growth. Struct. Chang. Econ. Dyn. 2013, 27:79-88.
8. Barnes P. Capitalism 3.0. A Guide to Reclaiming the Commons 2006, Berrett-Koehler Publishers, San Francisco.
9. Barnes P., McKibben B. A simple market mechanism to clean up our economy. Solutions 2009, 1:30-38.
10. Barnes P., Costanza R., Hawken P., Orr D., Ostrom E., Umana A., Young O. Creating an earth atmospheric trust. Science 2008, 319:724.
11. Barnett H., Morse C. Scarcity and Growth: The Economics of Natural Resource Availability 1963, John Hopkins University Press, Baltimore, MD.
12. Berazneva J., Lee D.R. Explaining the African food riots of 2007-2008: an empirical analysis. Food Policy 2013, 39:28-39.
13. Common Property Resources - Ecology and Community Based Sustainable Development 1989, Belhaven Press, London. F. Berkes (Ed.).
14. Bernstein J., McNichol E., Nicholas A. Pulling Apart: A State-by-state Analysis of Income Trends 2008.
15. Bollier D. Silent Theft: The Private Plunder of Our Common Wealth 2002, Routledge, New York.
16. Boyce J.K., Riddle M. Cap and Dividend: How to Curb Global Warming While Protecting the Incomes of American Families 2007, Political Economy Research Institute, University of Massachusetts, Amherst, MA.
17. British Petroleum Statistical review of world energy, full report 2012 Online:. http://www.bp.com.
18. Bromley D.W. Property rules, liability rules, and environmental economics. J. Econ. Issues 1978, 12.
19. Bromley D. Entitlements, missing markets, and environmental uncertainty. J. Environ. Econ. Manag. 1989, 17:181-194.
20. Bromley D. Environment and Economy: Property Rights and Public Policy 1991, Blackwell, Oxford.
21. Calabresi G., Melamed A.D. Property rules, liability rules, and inalienability: one view of the cathedral. Harv. Law Rev. 1972, 85:1089-1128.
22. Carbon Tax Center FAQs On-line:. http://www.carbontax.org/faq/.
23. Ciracy-Wantrup S.V., Bishop R.C. Common property as a concept in natural resource policy. Nat. Resour. J. 1975, 15:713-727.
24. Cleveland C.J. Natural resource scarcity and economic growth revisited. Ecological Economics: The Science and Management of Sustainability 1991, 289-317. Columbia University Press, New York. R. Costanza (Ed.).
25. Cleveland C.J., Costanza R., Hall C.A.S., Kaufmann R. Energy and the United States economy: a biophysical perspective. Science 1984, 225:890-897.
26. Coase R. The problem of social cost. J. Law Econ. 1960, 3:1-44.
27. Coase R. The Firm, the Market and the Law 1988, University of Chicago Press, Chicago.
28. Cobb C. Ecological and Georgist economic principles: a comparison. Beyond Uneconomic Growth 2014, Edward Elgar, Northampton, MA, (in press). J. Farley, D. Malghan (Eds.).
29. Costanza R., Farley J. What should Be done with the revenues from a carbon-cap-and-auction system?. Solutions 2009, 1:33.
30. Costello C., Gaines S.D., Lynham J. Can catch shares prevent fisheries collapse?. Science 2008, 321:1678-1681.
31. Cowart R. Carbon caps and efficiency resources: how climate legislation can mobilize efficiency and lower the cost of greenhouse gas emission reduction. Vt. Law Rev. 2008, 33:201-223.
32. Daly H.E. Steady-state Economics: The Political Economy of Bio-physical Equilibrium and Moral Growth 1977, W. H. Freeman and Co., San Francisco.
33. Daly H.E. Towards some operational principles for sustainable development. Ecol. Econ. 1990, 1-6.
34. Daly H.E. Allocation, distribution, and scale: towards an economics that is efficient, just, and sustainable. Ecol. Econ. 1992, 6:185-193.
35. Daly H.E. Beyond Growth: The Economics of Sustainable Development 1996, Beacon Press, Boston, MA.
36. Daly H.E., Cobb J.B. For the Common Good: Redirecting the Economy Toward Community, the Environment, and a Sustainable Future 1994, Beacon Press, Boston. 2nd ed.
37. Daly H.E., Farley J. Ecological Economics: Principles and Applications 2010, Island Press, Washington, DC. 2nd ed.
38. Demsetz H. Toward a theory of property rights. Am. Econ. Rev. 1967, 57:347-359.
39. Efficiency Vermont Savings claim summary. Efficiency Vermont on-line:. https://http://www.efficiencyvermont.com/docs/about_efficiency_vermont/annual_summaries/2013_savingsclaim_summary.pdf.
40. Ellerman A.D., Joskow P.L. The European Union's Emissions Trading System in Perspective 2008, Pew Center on Global Climate Change, Washington, DC.
41. Farley J. The role of prices in conserving critical natural capital. Conserv. Biol. 2008, 22:1399-1408.
42. Farley J. Conservation through the economics lens. Environ. Manag. 2010, 45:26-38.
43. Farley J., Costanza R. Payments for ecosystem services: from local to global. Ecol. Econ. 2010, 69:2060-2068.
44. Farley J., Perkins S. Economics of information in a green economy. Building a Green Economy 2013, Michigan State University Press, East Lansing, Michigan. R. Robertson (Ed.).
45. Farley J., Batker D., de la Torre I., Hudspeth T. Conserving mangrove ecosystems in the Philippines: transcending disciplinary, institutional and geographic borders. Environ. Manag. 2010, 45:39-51.
46. Farley J., Schmitt Filho A., Burke M., Farr M. Extending market allocation to ecosystem services: moral and practical implications on a full and unequal planet. Ecol. Econ. 2014, (in press). 10.1016/j.ecolecon.2014.06.021.
47. Farnsworth E., Tidrick T.H., Smathers W.M., Jorda C.F. A synthesis of ecological and economic theory toward a more complete valuation of tropical moist forests. Int. J. Environ. Stud. 1983, 21:11-28.
48. Feeny D., Berkes F., McCay B., Acheson J. The tragedy of the commons: twenty-two years later. Hum. Ecol. 1990, 18:1-19.
49. 2 with enhanced oil recovery. Energy Procedia 2009, 1:1989-1996.
50. Flomenhoft G., Baehr A. Valuing Common Assets for Public Finance in Vermont 2008, Vermont Green Tax and Common Assets Project, MPA Program and Gund Institute, University of Vermont, Burlington, VT.
51. Frank R. Luxury Fever: Why Money Fails to Satisfy in an Era of Excess 1999, Free Press, New York.
52. Gaffney M. The hidden taxable capacity of land: enough and to spare. Int. J. Soc. Econ. 2009, 36:328-411.
53. Georgescu-Roegen N. Energy and economic myths. South. Econ. J. 1975, 41:347-381.
54. Grantham J. Time to wake up: days of abundant resources and falling prices are over forever. GMO Quarterly Letter 2011, GMO, (April, on-line: https://http://www.gmo.com/America/CMSAttachmentDownload.aspx?target=JUBRxi51IIDP3z3Mx7hvxzesmSHxWZlwIOChFSF4nHpjoAkwvu9nJIsKspecUozvlGzfFU3HkYFeRCGfqHG8MfaCB6QEY1SD).
55. Hall C.A.S., Lambert J.G., Balogh S.B. EROI of different fuels and the implications for society. Energy Policy 2014, 64:141-152.
56. 2: where should humanity aim?. Open Atmos. Sci. J. 2008, 2:217-231.
57. Hardin G. The Tragedy of the Commons 1968, 1243-1248.
58. Heller M., Eisenberg R. Can patents deter innovation? The anticommons in biomedical research. Science 1998, 280:698-701.
59. Hoffer D., Kahler E. The Vermont Job Gap Study: The Leaky Bucket: An Analysis of Vermont's Dependence on Imports 2000, Peace & Justice Center, Burlington, VT.
60. Hudson M. The Bubble and Beyond 2012, ISLET.
61. IPCC Climate change 2007: the physical science basis. Contribution of Working Group I to the Fourth Assessment Report of the Intergovernmental Panel on Climate Change 2007, Cambridge University Press, Cambridge.
62. IPCC Climate Change 2013. The Physical Science Basis Summary for Policymakers 2013, United Nations, (on-line: http://www.ipcc.ch/).
63. Kahn J.R., Franceschi D. Beyond Kyoto: a tax-based system for the global reduction of greenhouse gas emissions. Ecol. Econ. 2006, 58:778-787.
64. Kelly B. Common Property Rights and Adaptive Governance: A Case Study of Groundwater in Vermont, Community Development and Applied Economics 2013, University of Vermont, Burlington, VT.
65. Kemkes R.J. Policy tool choice for ecosystem service provision: payments and public information. Community Development and Applied Economics 2008, (Masters Thesis), University of Vermont, Burlington.
66. Keppler J.H., Cruciani M. Rents in the European power sector due to carbon trading. Energy Policy 2008, 38:4280-4290.
67. Kirk D. Allocating Vermont's Trust; Dividends or Public Investment From Carbon Cap and Auction Revenues, Community Development and Applied Economics 2010, 113. University of Vermont, Burlington.
68. Kocieniewski, D., 2010. As oil industry fights a tax, it reaps subsidies, New York Times. New York Times, New York.
69. Kubiszewski I., Farley J., Costanza R. The production and allocation of information as a good that is enhanced with increased use. Ecol. Econ. 2010, 69:1344-1354.
70. Lessig L. Free Culture: How Big Media Uses Technology and the Law to Lock Down Culture and Control Creativity 2004, Penguin Press.
71. Levine A.S., Frank R.H., Dijk O. Expenditure cascades Available at SSRN:, (accessed 3/15/11). http://ssrn.com/abstract=1690612.
72. Limburg K.E., O'Neill R.V., Costanza R., Farber S. Complex systems and valuation. Ecol. Econ. 2002, 41:409-420.
73. Macinko S., Bromley D.W. Property and fisheries for the twenty-first century: seeking coherence from legal and economic doctrine. Vt. Law Rev. 2004, 28:623-661.
74. Martinez Alier J. The Enviromentalism of the Poor 2003, Edward Elgar, London.
75. Massanari J. Maximizing the Public and Private Benefits of Vermont's Forests: Finding a Balance Between the Production of Forest Products and the Provision of Ecosystem Services, Community Development and Applied Economics 2007, 132. University of Vermont, Burlington.
76. Millennium Ecosystem Assessment Ecosystems and Human Well-being: Synthesis 2005, Island Press, Washington, DC.
77. Muradian R. Ecological thresholds: a survey. Ecol. Econ. 2001, 38:7-24.
78. Muradian R., Corbera E., Pascual U., Kosoy N., May P.H. Reconciling theory and practice: an alternative conceptual framework for understanding payments for environmental services. Ecol. Econ. 2010, 69:1202-1208.
79. Napolitano S., Schreifels J., Stevens G., Witt M., LaCount M., Forte R., Smith K. The U.S. Acid Rain Program: key insights from the design, operation, and assessment of a cap-and-trade program. Electr. J. 2007, 20:47-58.
80. Naucler T., Enkvist P.A. Pathways to a Low-carbon Economy - Version 2 of the Global Greenhouse Gas Abatement Cost Curve 2009, McKinsey & Company.
81. Nordhaus W. Critical assumptions in the Stern Review on climate change. Science 2007, 317:201-202.
82. O'Sullivan S., Pustejovsky R., Pome E., Wongus A., Willhide J. State Government Tax Collections Summary Report: 2013 2014, United States Census Bureau, (on-line: http://www2.census.gov/govs/statetax/2013stcreport.pdf). U.S.C. Bureau (Ed.).
83. Ostrom E. Governing the Commons: The Evolution of Institutions for Collective Action 1990, Cambridge University Press, Cambridge.
84. Ostrom E. The Drama of the Commons 2002, National Academy Press, Washington DC.
85. Pearce D.W., Turner R.K. Economics of Natural Resources and the Environment 1990, Harvester Wheatsheaf, Hertfordshire England.
86. Picketty T. Capital in the 21st Century 2014, Harvard University Press.
87. Porto C. Carbon market data releases 2009 EU ETS results. Carbon Capitalist 2010.
88. Raffensperger C., Weston B., Bollier D. Define and develop a law of the ecological commons for present and future generations. Vermont Law School Climate Legacy Initiative Recommendation No. 1 2009.
89. RGGI Inc. Investment of proceeds from RGGI CO2 allowances. Regional greenhouse gas initiative Online:. http://www.rggi.org/docs/Investment_of_RGGI_Allowance:Proceeds.pdf.
90. Rockstrom J., Steffen W., Noone K., Persson A., Chapin F.S., Lambin E.F., Lenton T.M., Scheffer M., Folke C., Schellnhuber H.J., Nykvist B., de Wit C.A., Hughes T., van der Leeuw S., Rodhe H., Sorlin S., Snyder P.K., Costanza R., Svedin U., Falkenmark M., Karlberg L., Corell R.W., Fabry V.J., Hansen J., Walker B., Liverman D., Richardson K., Crutzen P., Foley J.A. A safe operating space for humanity. Nature 2009, 461:472-475.
91. Romero, S., Andrews, E., 2006. At Exxon Mobil, a record profit but no fanfare, New York Times, Late Edition - Final ed, New York.
92. Saez E. Striking it richer: the evolution of top incomes in the United States (updated with 2011 estimates). University of California-Berkley Working Paper 2013, University of California, Berkley, (Available on-line: http://emlab.berkeley.edu/~saez/saez-UStopincomes-2011.pdf. Accessed July 27, 2013).
93. Samuelson P.A. The pure theory of public expenditure. Rev. Econ. Stat. 1954, 387-389.
94. Sandler T. Tropical deforestation: markets and market failures. Land Econ. 1993, 3:225-233.
95. Sandler T. Global and regional public goods: a prognosis for collective action. Fisc. Stud. 1998, 19:221-247.
96. Simpson R.D., Toman M.A., Ayres R.U. Scarcity and Growth Revisited: Natural Resources and the Environment in the New Millennium 2005, Resources for the Future, Washington, DC.
97. Smith R. Resolving the tragedy of the commons by creating private property rights in wildlife. CATO J. 1981, 1:439-468.
98. Snyder J. 1872 mining law triggers modern-day lobbying duel, The Hill on-line:, (Washington DC). http://thehill.com/business-a-lobbying/3349-1872-mining-law-triggers-modern-day-lobbying-duel.
99. Steffen W., Grinevald J., Crutzen P., McNeill J. The Anthropocene: conceptual and historical perspectives. Philos. Trans. R. Soc. A Math. Phys. Eng. Sci. 2011, 369:842-867.
100. Stern N. Stern Review: The Economics of Climate Change 2006, Cambridge University Press, Cambridge.
101. Thaler R.H., Sunstein C.R. Nudge: Improving Decisions About Health, Wealth, and Happiness 2008, Yale University Press, New Haven.
102. Vermont House Bill 385 An act relating to establishing a Vermont common assets trust http://www.leg.state.vt.us/database/status/summary.cfm?Bill=H.0385&Session=2012.
103. Wackernagel M., Schulz N.B., Deumling D., Linares A.C., Jenkins M., Kapos V., Monfreda C., Loh J., Myers N., Norgaard R., Randers J. Tracking the ecological overshoot of the human economy. Proc. Natl. Acad. Sci. 2002, 99:9266-9271.
104. Weber S. The Success of Open Source 2004, Harvard University Press, Cambridge, MA.
105. Wilkinson R., Pickett K. The Spirit Level: Why Greater Equality Makes Societies Stronger 2009, Bloomsbury Press, New York.
106. Wilson D.S., Ostrom E., Cox M.E. Generalizing the core design principles for the efficacy of groups. J. Econ. Behav. Organ. 2013, 90:S21-S32. (Supplement).
107. Woerdman E., Arcuri A., Clò S. Emissions trading and the polluter-pays principle: do polluters pay under grandfathering?. Rev. Law Econ. 2008, 4.
108. Wood M.C. Nature's Trust: Environmental Law for a New Ecological Age 2014, Cambridge University Press, New York.