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Multipollutant Markets

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  • Montero, Juan-Pablo

Abstract

I study the optimal design of marketable permit systems to regulate various pollutants (e.g., air pollution in urban areas) when the regulator lives in a real world of imperfect information and incomplete enforcement. I show that the regulator should hale pollution markets integrated through optimal exchange rates when the marginal-abatement cost curves in the different markets are steeper than the marginal-benefit curves; otherwise he should keep markets separated. I also find that incomplete enforcement reduces the advantage of market integration. Copyright 2001 by the RAND Corporation.

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Bibliographic Info

Article provided by The RAND Corporation in its journal RAND Journal of Economics.

Volume (Year): 32 (2001)
Issue (Month): 4 (Winter)
Pages: 762-74

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Handle: RePEc:rje:randje:v:32:y:2001:i:4:p:762-74

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Cited by:
  1. Jorge Rivera C. & Francisco Martínez, 2005. "Consumption rigths: a market mechanism to redistribute wealth," Working Papers wp215, University of Chile, Department of Economics.
  2. Krysiak, Frank C. & Schweitzer, Patrick, 2010. "The optimal size of a permit market," Journal of Environmental Economics and Management, Elsevier, vol. 60(2), pages 133-143, September.
  3. Woodward, Richard T, 2010. "Double Dipping in Environmental Markets," MPRA Paper 26185, University Library of Munich, Germany.
  4. Ambec, Stefan & Coria, Jessica, 2013. "Prices vs quantities with multiple pollutants," Journal of Environmental Economics and Management, Elsevier, vol. 66(1), pages 123-140.
  5. Alfredo Burlando & Alberto Motta, 2007. "Self Reporting reduces corruption in law enforcement," "Marco Fanno" Working Papers 0063, Dipartimento di Scienze Economiche "Marco Fanno".
  6. Roberton Williams, 2002. "Prices vs. Quantities vs. Tradable Quantities," NBER Working Papers 9283, National Bureau of Economic Research, Inc.
  7. Heberling, Matthew T. & García, Jorge H. & Thurston, Hale W., 2010. "Does encouraging the use of wetlands in water quality trading programs make economic sense?," Ecological Economics, Elsevier, vol. 69(10), pages 1988-1994, August.
  8. Carlos Hervés-Beloso & Francisco Martínez & Jorge Rivera, 2012. "Walrasian prices in markets with tradable rights," Economic Theory, Springer, vol. 49(2), pages 497-512, February.

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