Environmental Economics

Picture of the Day

The O'Shaughnessy Dam in Dublin, Ohio (after a bunch of rain and snowmelt over the past two days):

Photo Credit: Me

Can't believe my mom found a way to cite me 1,000 times

Sitting around the office Googling myself (am I allowed to do that?) and saw this...

...just a nice round number.

Ivory tower elitists cringe

Put down your latte, choke that chuckle, and you know what you can do with your contempt of the good people of the Outer Banks!

The Herbert C. Bonner Bridge reopened Sunday, less than two weeks after it was closed because of safety concerns about severe erosion.

The bridge linking the northern Outer Banks to Hatteras Island via N.C. 12 stopped carrying traffic Dec. 3, the first closure for repairs in 23 years. Motorists were forced to take a two-hour ride aboard emergency ferries between Rodanthe and Stumpy Point. Those ferries were to stop running early this morning, based on need.

Engineers concluded the bridge was safe for traffic after driving two test pilings and conducting sonar scans and inspections, according to a North Carolina Department of Transportation news release. The agency said it was confident that dredge work to deposit 30,000 cubic yards of sand from the Oregon Inlet channel around bridge supports fortified the structure.

Transportation Secretary Tony Tata said in the release that inspections and sonar scans will continue. “If safety becomes a concern again, we will take the appropriate steps to ensure public safety,” he said.

via hamptonroads.com

Sigh, not even enough downtime for a field experiment. 

Almost Quote of the Day

"The social sciences are almost completely a waste of money."

Commenter aniptofar, in reaction to this story...

U.S. researchers suggest paying students in school small amounts of money or prizes increases the number who ate fruit or vegetables at lunch.

Joe Price, an economics professor at Brigham Young University, and David Just of Cornell University, said previous research suggests a federal rule that prompted the nation's schools to serve an extra $5.4 million worth of fruits and vegetables each day, results in students throwing out $3.8 million of that produce in the garbage each day.

However, the researchers said paying students directly to eat a fruit or vegetable is less expensive and gets better results.

I think the commenter missed the point of the research.  The point is that the government is already wasting the money on a program that children aren't buying into.  Incentives might prove to waste LESS money.  So I would modify the commenters comment:

The social sciences are Economics is almost completely about not wasting money.

Even in Alaska

Photo credit: Todd Cherry

Daily Demand and Supply: The impact of expectations

That bunch of bananas on your kitchen counter -- the ones that are a staple of your baby's diet and the linchpin of your breakfast -- could be wiped out within the next couple years.

According to science journal Nature, the Cavendish banana variety, which accounts for nearly all of the world's global export trade, is under serious attack from a fungus that is making its way around the globe. The fungus recently turned up at banana plantations in Mozambique and Jordan, triggering fears that its next stop will be Latin America, the world's largest banana exporter. According to Nature, the fungus had been thought to be confined to Asia until it turned up in Mozambique in October.

"For those who buy their bananas in supermarkets, the Cavendish may well be the only variety they know," said Nature.

Bananas are grown in more than 130 countries, but the U.S. is a marginal producer, accounting for just 0.01% of global production in 2009, according to the University of Florida. As a result, the U.S. depends on exports from Latin American and the Caribbean. Between 2003 and 2012, Latin American and Caribbean exports averaged 11.7 million tons and accounted for 81% of the global export market. Hence the fears of a banana-killing fungus finding its way to the region.

Prices have also increased significantly over the last ten years. Import prices for bananas in 2013 have reached $900 per ton, compared to $375 in 2003.

via finance.yahoo.com

Sheesh, just when I make the ealthy decision to start eating bananas for breakfast...

Future expectations affect demand and supply.  In some cases, a future supply decrease (which will tend to raise prices) will cause an increase in demand today--to stockpile, thus raising the price today, a sort-of self- fulfilling prophesy.  But since bananas are perishable, its unlikely that there is going to be a sudden run on bananas--unless they are going to be frozen for banana bread.  Instead, the expected decrease in future supply of Cavendish bananas is likely to cause a search for banana substitutes..like this:

Fortunately, the Cavendish banana represents only about 13% of the 150 million tons of bananas produced worldwide every year. And some see the demise of the Cavendish as a positive for the taste buds. James Dale, director of the Centre for Tropical crops and Biocommodities at Queensland Unversity of Technology in Australia, told Nature that the Cavendish is bland and bruises too easily. He favors the Gros Michel variety. "It's such a superior banana to Cavendish. To bring it back would be wonderful.

My top 10 albums of 2013

Based on revealed preference as submitted to the No Depression top 100 (I missed voting in WNCW's top 100 by 35 minutes - dang it!): 

1. Jason Isbell - Southeastern 
2. Scott Miller - Big, Big World 
3. Patty Griffin - American Kid 
4. Steve Earle - The Low Highway
5. Kelly Willis and Bruce Robison - Cheaters Game 
6. Holly Williams - The Highway 
7. Donna the Buffalo - Tonight Tomorrow & Yesterday
8. Son Volt - Honky Tonk
9. Acoustic Syndicate - Rooftop Garden
   
10. Patty Griffin - Silver Bell

Notes:

• I think I missed out on these (they're on my Christmas list): Avett Brothers - Magpie and the dandelion; Tedeschi Trucks Band - Made up mind; Neko Case - The worse things get ...; What else did I miss?
• Here is a video of Kelly Willis and Bruce Robison. 
• Here are the previous top 10 lists.
• Thanks to Will Wheeler for the Holly Williams tip. 

Here is a video of Jason Isbell:

Friday Beer Post: Christmas Gift Edition

For those of you who don;t know what to get your favorite beer-drinking environmental economics bloggers might I suggest:

The Brew Cave is the largest kegerator on the residential market. With shelving, it can hold over 30 cases of beer, plus 6 or more kegs. Its refrigeration is designed to hold the inside at 32 degrees Fahrenheit, so you know your beer is optimized for maximum refreshment. And with modular panels that consist of 4” thick vapor-proof insulation, you can rest assured that they’ll stay that way. The Brew Cave unit is shipped to you in a knocked-down panel configuration, but can be easily assembled using the included hex wrench.

The Brew Cave includes a draft beer dispensing system for convenience and can be retrofitted with more taps. It also has a locking glass door to deter would-be beer thieves. Whether you want to entertain guests, run a small bar, share your homebrews or hog it all to yourself, the Brew Cave is your beer storage solution.

Marine Resource Economics 28(4), 2013

Table of Contents
Marine Resource Economics
Volume 28 No. 4
2013

"Making Cents Out of Barter Data from the British Columbia Groundfish ITQ Market"
Daniel S. Holland

Thalassorama

"Conservation Value of Coral Reefs around Kish Island, Iran"
Shima Madani, Adán L. Martínez-Cruz, and Kenneth E. McConnell

Special Section in Honor of the Career of Professor Rögnvaldur Hannesson

"On the Contributions of Professor Rögnvaldur Hannesson to Fisheries Economics"
Trond Bjørndal and Stein Ivar Steinshamn

"Fisheries Economics and Fisheries Management: A Reflective Note in Honor of Rögnvaldur Hannesson"
Peder Andersen

"On Optimal Dynamic Fisheries Enforcement"
Ragnar Arnason

"Catch, Stock Elasticity, and an Implicit Index of Fishing Effort"
Nils-Arne Ekerhovd and Daniel V. Gordon

Commentary

"The Newfoundland Fishery and Economy Twenty Years after the Northern Cod Moratorium"
William E. Schrank and Noel Roy

MarineResourceEconomics.com

Professor's Office Hours

Hat tip: Jana D