Modeling Transactions Costs in a Regional Transferable Discharge Permit System for Phosphorus Runoff
AbstractThis paper examines the construction and implementation of a regional transferable discharge permit system for phosphorus runoff from agricultural-related sources. The impact on behavior at the firm level is also examined. Results indicate that firms may respond to binding environmental constraints by both engaging in the trade of discharge permits and decreasing the output that can cause phosphorus runoff. The criticisms within the literature of building transferable discharge permit systems that ignore transactions costs are also addressed.
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Bibliographic InfoArticle provided by Mid-Continent Regional Science Association in its journal Journal of Regional Analysis and Policy.
Volume (Year): 42 (2012)
Issue (Month): 2 ()
Agricultural and Food Policy; Environmental Economics and Policy; Resource /Energy Economics and Policy;
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