- Elgar original reference
wadi. A valley that remains dry except after heavy rainfall, at which time it will temporarily support vegetation. wait-and-see scenario. An approach to environmental problems where, until f m evidence of a problem exists, no action is taken. The approach contrasts to the widely accepted precautionary principle. See precautionary principle. Walkerton. A town in Ontario, Canada, the drdung water system of which was contaminated by Escherichia coli 0157:H7 in May 2000. The contamination came fiom cow manure near a well that supplied water to the community and resulted in the death of seven individuals as well as making more than 2,300 persons seriously ill. See Escherichia coli 0157:H7. Walras’ law. A fimdamental law of economics, named after LCon Walras, that is used in general equilibrium analysis in economics. The law states that if there are n outputs (xi) with n prices (pi) in an economy produced by m factors (Vj) with m factor prices (wj) there exist only 2n + 2m - 1 independent equations necessary to find the equilibrium. In other words, the fact that the sum of pixi must equal the sum of wjvj can be used to solve for one of the unknown outputs. FURTHER READING Takayama (1985). warmglow. The notion that site specific valuations of a public resource or environmental good may actually be a surrogate for values given to environmental quality in general. Such values may be a potential source of bias in contingent valuation studies. waste-end taxes. Taxes paid on the...
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