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Investment decisions and transferable discharge permits: An empirical study of water quality management under policy uncertainty

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  • David Letson

Abstract

The problem of investiment decisions for sources participating in transferable discharge permit (TDP) markets has not received much attention. One way TDPs offer potential savings is with their ability to influence development in a region. Static models have assessed the potential savings of TDPs but do not explicitly consider investment decisions; thus they do not capture this long run role nor that of policy uncertainty and tend to understate both the cost saving potential and the difficulty in achieving it. This paper addresses both problems by emphasizing the temporal dimension of TDPs. A two-period investment model investigates the magnitude of these potential savings and the effects of two types of policy uncertainty upon expected gains from permit trading. Copyright Kluwer Academic Publishers 1992

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File URL: http://hdl.handle.net/10.1007/BF00376828
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Bibliographic Info

Article provided by European Association of Environmental and Resource Economists in its journal Environmental & Resource Economics.

Volume (Year): 2 (1992)
Issue (Month): 5 (September)
Pages: 441-458

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Handle: RePEc:kap:enreec:v:2:y:1992:i:5:p:441-458

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Web page: http://www.springerlink.com/link.asp?id=100263

Related research

Keywords: Environmental regulation; regional planning; water quality;

References

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  1. Seskin, Eugene P. & Anderson, Robert Jr. & Reid, Robert O., 1983. "An empirical analysis of economic strategies for controlling air pollution," Journal of Environmental Economics and Management, Elsevier, vol. 10(2), pages 112-124, June.
  2. 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.
  3. 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.
  4. Oates, Wallace E & Portney, Paul R & McGartland, Albert M, 1989. "The Net Benefits of Incentive-Based Regulation: A Case Study of Environmental Standard Setting," American Economic Review, American Economic Association, vol. 79(5), pages 1233-42, December.
  5. Maloney, Michael T. & Yandle, Bruce, 1984. "Estimation of the cost of air pollution control regulation," Journal of Environmental Economics and Management, Elsevier, vol. 11(3), pages 244-263, September.
  6. Hahn, Robert W, 1989. "Economic Prescriptions for Environmental Problems: How the Patient Followed the Doctor's Orders," Journal of Economic Perspectives, American Economic Association, vol. 3(2), pages 95-114, Spring.
  7. Hahn, Robert W, 1984. "Market Power and Transferable Property Rights," The Quarterly Journal of Economics, MIT Press, vol. 99(4), pages 753-65, November.
  8. Atkinson, Scott E. & Tietenberg, T. H., 1982. "The empirical properties of two classes of designs for transferable discharge permit markets," Journal of Environmental Economics and Management, Elsevier, vol. 9(2), pages 101-121, June.
  9. Scott E. Atkinson & T. H. Tietenberg, 1987. "Economic Implications of Emissions Trading Rules for Local and Regional Pollutants," Canadian Journal of Economics, Canadian Economics Association, vol. 20(2), pages 370-86, May.
  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.
  11. Yaron, Dan, 1979. "A model for the analysis of seasonal aspects of water quality control," Journal of Environmental Economics and Management, Elsevier, vol. 6(2), pages 140-151, June.
  12. Maloney, Michael T & Brady, Gordon L, 1988. "Capital Turnover and Marketable Pollution Rights," Journal of Law and Economics, University of Chicago Press, vol. 31(1), pages 203-26, April.
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Cited by:
  1. Ribaudo, Marc O. & Heimlich, Ralph & Peters, Mark, 2005. "Nitrogen sources and Gulf hypoxia: potential for environmental credit trading," Ecological Economics, Elsevier, vol. 52(2), pages 159-168, January.
  2. Chevallier, Julien & Etner, Johanna & Jouvet, Pierre-André, 2011. "Bankable emission permits under uncertainty and optimal risk-management rules," Economics Papers from University Paris Dauphine 123456789/5385, Paris Dauphine University.

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