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Climate change and regulation of nitrogen loads under moral hazard

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  • Katarina Elofsson

Abstract

Within the European Union, it is agreed that watershed-based management of water quality problems is more efficient than centralised arrangements. In this study, a mechanism for allocating international funds to watershed authorities for nitrogen abatement in the presence of moral hazard is investigated. The results show that when there is a risk of climate change, the cost of moral hazard to the international funding agency can be high if there is a moderate likelihood of climate change and the watershed authority is guaranteed a high minimum compensation.

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  • Katarina Elofsson, 2014. "Climate change and regulation of nitrogen loads under moral hazard," European Review of Agricultural Economics, Oxford University Press and the European Agricultural and Applied Economics Publications Foundation, vol. 41(2), pages 327-351.
    • Handle: RePEc:oup:erevae:v:41:y:2014:i:2:p:327-351.
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    File URL: http://hdl.handle.net/10.1093/erae/jbt018
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    Cited by:

    1. Cho, Wonjoo & Blandford, David, 2015. "Bilateral information asymmetry and irreversible practice adoption through agri-environmental policy: an application to peat land retirement in Norway," 89th Annual Conference, April 13-15, 2015, Warwick University, Coventry, UK 204212, Agricultural Economics Society.

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