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Modeling Transactions Costs in a Regional Transferable Discharge Permit System for Phosphorus Runoff

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  • Mitchell, David M.
  • Willett, Keith
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    Abstract

    This 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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    File URL: http://purl.umn.edu/143774
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    Bibliographic Info

    Article provided by Mid-Continent Regional Science Association in its journal Journal of Regional Analysis and Policy.

    Volume (Year): 42 (2012)
    Issue (Month): 2 ()
    Pages:

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    Handle: RePEc:ags:jrapmc:143774

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    Related research

    Keywords: Agricultural and Food Policy; Environmental Economics and Policy; Resource /Energy Economics and Policy;

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    1. Govindasamy, Ramu & Cochran, Mark J., 1995. "Implications of alternative environmental policies on phosphorus loading from poultry litter," Agricultural Economics: The Journal of the International Association of Agricultural Economists, International Association of Agricultural Economists, vol. 13(2), November.
    2. James J. Opaluch & Richard M. Kashmanian, 1985. "Assessing the Viability of Marketable Permit Systems: An Application in Hazardous Waste Management," Land Economics, University of Wisconsin Press, vol. 64(3), pages 263-271.
    3. Richard Schmalensee & Paul L. Joskow & A. Denny Ellerman & Juan Pablo Montero & Elizabeth M. Bailey, 1998. "An Interim Evaluation of Sulfur Dioxide Emissions Trading," Journal of Economic Perspectives, American Economic Association, vol. 12(3), pages 53-68, Summer.
    4. Govindasamy, Ramu & Cochran, Mark J., 1995. "Implications of alternative environmental policies on phosphorus loading from poultry litter," Agricultural Economics, Blackwell, vol. 13(2), pages 137-148, November.
    5. Ralph Luken & Lyman Clark, 1991. "How efficient are national environmental standards? A benefit-cost analysis of the United States experience," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 1(4), pages 385-413, December.
    6. Keith Willett & David Mitchell & H. L. Goodwin & Baxter Vieux & Jennie Popp, 2006. "The opportunity cost of regulating phosphorus from broiler production in the Illinois River Basin," Journal of Environmental Planning and Management, Taylor & Francis Journals, vol. 49(2), pages 181-207.
    7. Robert N. Stavins, 1998. "What Can We Learn from the Grand Policy Experiment? Lessons from SO2 Allowance Trading," Journal of Economic Perspectives, American Economic Association, vol. 12(3), pages 69-88, Summer.
    8. Knoeber, Charles R & Thurman, Walter N, 1994. "Testing the Theory of Tournaments: An Empirical Analysis of Broiler Production," Journal of Labor Economics, University of Chicago Press, vol. 12(2), pages 155-79, April.
    9. Thomas H. Tietenberg, 1980. "Transferable Discharge Permits and the Control of Stationary Source Air Pollution: A Survey and Synthesis," Land Economics, University of Wisconsin Press, vol. 56(4), pages 391-416.
    10. O'Neil, William & David, Martin & Moore, Christina & Joeres, Erhard, 1983. "Transferable discharge permits and economic efficiency: The fox river," Journal of Environmental Economics and Management, Elsevier, vol. 10(4), pages 346-355, December.
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