Non-binding voluntary agreements
AbstractIn reality, most voluntary agreements with polluters (VAs) are not enforceable in the sense that no legal tools are available to enforce ÃrmsÃ commitments. We examine whether such VAs are able to achieve an eÂ¢ cient level of environmental protection when they are obtained under the legislative threat of a pollution quota. We show that they can improve social welfare relative to legislative intervention when lobbying Congress is very eÂ§ective and when the polluter and the regulator do not discount future costs and beneÃts heavily. These Ãndings suggest that VAs should be used selectively, taking into account sector characteristics and the degree of inÃ¡uence of lobbying on Congress.
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Bibliographic InfoArticle provided by Elsevier in its journal Journal of Environmental Economics and Management.
Volume (Year): 54 (2007)
Issue (Month): 1 (July)
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Web page: http://www.elsevier.com/locate/inca/622870
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