Field, B. C. (2017). Environmental economics: An introduction (8th ed.). McGraw-Hill.

2.1. Market Failure Markets may fail to account for environmental costs and benefits, leading to overuse and degradation of environmental resources.

1.2. The Economic Causes of Environmental Degradation The economic causes of environmental degradation include market failure, externalities, public goods, and common property resources.

4.3. Travel Cost Method The travel cost method involves estimating the economic value of environmental resources based on the costs of traveling to access them.

2.4. Common Property Resources Environmental resources, such as fisheries and forests, may be common property resources that are overused and degraded due to lack of property rights.