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Incentive-Based Solutions To Agricultural Environmental Problems: Recent Developments In Theory And Practice

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  • Randall, Alan
  • Taylor, Michael A.
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    Abstract

    Theory predicts that incentive-based regulatory instruments reduce compliance costs by encouraging efficient resource allocation and innovation in environmental technology. Cost reductions from pollution permit trading often have exceeded expectations, but the devil is in the detail: the rules matter. In recent years, IB instruments of many kinds, from permit trading to various informal voluntary agreements, have been introduced in many countries. Point-nonpoint trading programs have been established in the U.S., but recorded trades have been rare. We speculate about prospects for performance-based monitoring of agricultural nonpojnt pollution which, we believe, would encourage trading to the benefit of farmers and society.

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    Bibliographic Info

    Article provided by Southern Agricultural Economics Association in its journal Journal of Agricultural and Applied Economics.

    Volume (Year): 32 (2000)
    Issue (Month): 02 (August)
    Pages:

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    Handle: RePEc:ags:joaaec:15503

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    Web page: http://www.saea.org/jaae/jaae.htm
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    Keywords: Environmental Economics and Policy;

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    1. Montgomery, W. David, 1972. "Markets in licenses and efficient pollution control programs," Journal of Economic Theory, Elsevier, vol. 5(3), pages 395-418, December.
    2. Stavins, Robert & Keohane, Nathaniel & Revesz, Richard, 1997. "The Positive Political Economy of Instrument Choice in Environmental Policy," Discussion Papers dp-97-25, Resources For the Future.
    3. Atkinson, Scott E. & Lewis, Donald H., 1974. "A cost-effectiveness analysis of alternative air quality control strategies," Journal of Environmental Economics and Management, Elsevier, vol. 1(3), pages 237-250, November.
    4. McGartland, Albert, 1988. "A comparison of two marketable discharge permits systems," Journal of Environmental Economics and Management, Elsevier, vol. 15(1), pages 35-44, March.
    5. Randall, Alan, 1999. "A New Look at the Old Problem of Externalities," Choices, Agricultural and Applied Economics Association, vol. 14(1).
    6. A. W. Coats, 1996. "Introduction," History of Political Economy, Duke University Press, vol. 28(5), pages 3-11, Supplemen.
    7. Eric Rasmusen, 1987. "Moral Hazard in Risk-Averse Teams," RAND Journal of Economics, The RAND Corporation, vol. 18(3), pages 428-435, Autumn.
    8. McGartland, Albert M. & Oates, Wallace E., 1985. "Marketable permits for the prevention of environmental deterioration," Journal of Environmental Economics and Management, Elsevier, vol. 12(3), pages 207-228, September.
    9. Mendelsohn, Robert, 1986. "Regulating heterogeneous emissions," Journal of Environmental Economics and Management, Elsevier, vol. 13(4), pages 301-312, December.
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    Cited by:
    1. Spencer, Thomas & Ancev, Tihomir, 2006. "Offsetting with Salinity Credits: An Alternative to Irrigation Zoning," 2006 Annual Meeting, August 12-18, 2006, Queensland, Australia 25517, International Association of Agricultural Economists.
    2. Thomas Spencer & Tihomir Ancev & Jeff Connor, 2009. "Improving Cost Effectiveness of Irrigation Zoning for Salinity Mitigation by Introducing Offsets," Water Resources Management, Springer, vol. 23(10), pages 2085-2100, August.
    3. Murtough, Greg & Aretino, Barbara & Matysek, Anna, 2002. "Creating Markets for Ecosystem Services," Staff Research Papers 31912, Productivity Commission.
    4. Woodward, Richard T., 2001. "The Environmentally Optimal Trading Ratio," 2001 Annual meeting, August 5-8, Chicago, IL 20491, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    5. Stephenson, Kurt & Bosch, Darrell J., 2003. "Nonpoint Source And Carbon Sequestration Credit Trading: What Can The Two Learn From Each Other?," 2003 Annual meeting, July 27-30, Montreal, Canada 22229, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    6. Greenhalgh, Suzie, 2008. "Bundled Ecosystem Markets – Are They The Future?," 2008 Annual Meeting, July 27-29, 2008, Orlando, Florida 6166, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).

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