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When Should Uncertain Nonpoint Emissions Be Penalized in a Trading Program?

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Author Info
David A. Hennessy
Hongli Feng

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Abstract

When nonpoint source pollution is stochastic and the damage function is convex, intuition might suggest it is more important to control a nonpoint pollution source than a point source. Earlier research has provided sufficient conditions such that the permit price for a unit of ex-ante expected emissions should be higher than the permit price for a unit of certain emissions. Herein we provide a set of necessary and sufficient conditions such that this is the case. An approach to testing for the validity of the condition set is available, and has been applied to a related problem. Copyright ©2008 American Agricultural Economics Association.

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Article provided by American Agricultural Economics Association in its journal American Journal of Agricultural Economics.

Volume (Year): 90 (2008)
Issue (Month): 1 (02)
Pages: 249-255
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Handle: RePEc:bla:ajagec:v:90:y:2008:i:1:p:249-255

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This page was last updated on 2009-11-27.

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