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Dynamic Pollution Regulation

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Author Info
Biglaiser, Gary
Horowitz, John K
Quiggin, John

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Abstract

This paper examines pollution regulation in a dynamic setting with complete information. We show that tradeable pollution permits may not achieve the social optimum even when the permit market is perfectly competitive. The reason is that the optimal tradeable permits regulation will typically be time inconsistent. We then show that pollution taxes can achieve the first best and are time consistent. Copyright 1995 by Kluwer Academic Publishers

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Publisher Info
Article provided by Springer in its journal Journal of Regulatory Economics.

Volume (Year): 8 (1995)
Issue (Month): 1 (July)
Pages: 33-44
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Handle: RePEc:kap:regeco:v:8:y:1995:i:1:p:33-44

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  1. Justus Haucap & Roland Kirstein, . "Warum Staaten Ökosteuern statt Lizenzen einführen, und wann das schlecht für die Wohlfahrt ist," German Working Papers in Law and Economics 2002-1-1037, Berkeley Electronic Press. [Downloadable!]
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  2. Richard Mash & Dieter Helm & Cameron Hepburn, 2003. "Time Inconsistent Environmental Policy and Optimal Delegation," Economics Series Working Papers 175, University of Oxford, Department of Economics. [Downloadable!]
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  3. Karp, Larry, 2008. "Correct (and misleading) argument for using market-based pollution control policies," 2008 Annual Meeting, July 27-29, 2008, Orlando, Florida 6030, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
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  4. Paul Leiby & Jonathan Rubin, 2001. "Intertemporal Permit Trading for the Control of Greenhouse Gas Emissions," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 19(3), pages 229-256, July. [Downloadable!] (restricted)
  5. Ioulia Ossokina & Otto Swank, 2008. "Adoption Subsidy Versus Technology Standards Under Asymmetric Information," De Economist, Springer, vol. 156(3), pages 241-267, September. [Downloadable!] (restricted)
  6. Larry Karp & Jiangfeng Zhang, 2008. "Taxes Versus Quantities for a Stock Pollutant with Endogenous Abatement Costs and Asymmetric Information," Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series 1064, Department of Agricultural & Resource Economics, UC Berkeley. [Downloadable!]
  7. Gunter Stephan & Georg Müller-Fürstenberger, 2003. "Does Distribution Matter? When Flexibility, Equity and Efficiency in Greenhouse Gas Abatement," Diskussionsschriften dp0301, Universitaet Bern, Departement Volkswirtschaft. [Downloadable!]
  8. Christophe Deissenberg & Herbert Dawid & Pavel Sevcik, 2004. "Cheap Talk, Gullibility, and Welfare in an Environmental Taxation Game," Working Papers 2004.137, Fondazione Eni Enrico Mattei. [Downloadable!]
  9. Larry Karp, 2006. "Multiplicity of investment equilibria when pollution permits are not tradable," Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series 1018, Department of Agricultural & Resource Economics, UC Berkeley. [Downloadable!]
  10. Georg Müller-Fürstenberger & Gunter Stephan, 1999. "Banking and Trade of Carbon Emission Rights: A CGE Analysis," Diskussionsschriften dp9906, Universitaet Bern, Departement Volkswirtschaft. [Downloadable!]
  11. Breitscheidel, Jörg, 2005. "Hold-up Problems with Respect to R&D Investment and Licensing in Environmental Regulation," ZEW Discussion Papers 05-86, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research. [Downloadable!]
  12. Adam Jaffe & Richard Newell & Robert Stavins, 2002. "Environmental Policy and Technological Change," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 22(1), pages 41-70, June. [Downloadable!] (restricted)
  13. Gunter Stephan & Georg Müller-Fürstenberger, 2004. "Does Distribution Matter? Efficiency, Equity and Flexibility in Greenhouse Gas Abatement," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 27(1), pages 87-107, January. [Downloadable!] (restricted)
  14. Amihai Glazer & Eckhard Janeba, 2004. "Strategic Investment by a Regulated Firm," Asia-Pacific Financial Markets, Springer, vol. 11(2), pages 123-132, March. [Downloadable!] (restricted)
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  15. Ross McKitrick, 1999. "A Cournot Mechanism for Pollution Control under Asymmetric Information," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 14(3), pages 353-363, October. [Downloadable!] (restricted)
  16. Hans Gersbach & Till Requate, 2000. "Emission Taxes and the Design of Refunding Schemes," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
  17. Vries, F.P. de, 2004. "Market structure and technology diffusion incentives under alternative environmental policy schemes," Discussion Paper 95, Tilburg University, Center for Economic Research. [Downloadable!]
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