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The Regulator and the Judge: The Optimal Mix in The Control of Environmental Risk

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Author Info

  • HIRIART Yolande

    (LERNA, University of Toulouse)

  • MARTIMORT David
  • POUYET Jerome

Abstract

Nous considérons une firme qui génère un risque pour l'environnment via son activité industrielle et qui a une information privée à la fois sur son effort de précaution et sur le montant de ses actifs. Nous étudions l'interaction entre l'audit ex ante de l'effort de précaution par un régulateur et la vérification ex post de la capacité financière par un juge en cas d'accident. Du point de vue des incitations, les deux instruments sont utiles. Le policy-mix optimal dépend de la règle gouvernant l'intervention ex post et de l'efficience de l'intervention ex ante.

(This abstract was borrowed from another version of this item.)

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File URL: http://www2.toulouse.inra.fr/lerna/cahiers2006/06.27.220.pdf
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Bibliographic Info

Paper provided by LERNA, University of Toulouse in its series LERNA Working Papers with number 06.27.220.

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Date of creation: Aug 2006
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Handle: RePEc:ler:wpaper:06.27.220

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Postal: manufacture des Tabacs, 21 allée de brienne, 31200 Toulouse
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Web page: http://www.toulouse.inra.fr/lerna/
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  1. Lewis, Tracy R & Sappington, David E M, 2001. "Optimal Contracting with Private Knowledge of Wealth and Ability," Review of Economic Studies, Wiley Blackwell, vol. 68(1), pages 21-44, January.
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  3. Hiriart, Yolande & Martimort, David & Pouyet, Jérôme, 2005. "The Public Management of Environmental Risk: Separating Ex Ante and Ex Post Monitors," CEPR Discussion Papers 4992, C.E.P.R. Discussion Papers.
  4. Winand Emons, 1993. "The Provision of Environmental Protection Measures under Incomplete Information: An Introduction to the Theory of Mechanism Design," Diskussionsschriften dp9310, Universitaet Bern, Departement Volkswirtschaft.
  5. Boyd, James, 2001. "Financial Responsibility for Environmental Obligations: Are Bonding and Assurance Rules Fulfilling Their Promise?," Discussion Papers dp-01-42, Resources For the Future.
  6. Marcel Boyer & Donatella Porrini, 2004. "Modelling the choice between regulation and liability in terms of social welfare," Canadian Journal of Economics, Canadian Economics Association, vol. 37(3), pages 590-612, August.
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  8. Kolstad, Charles D & Ulen, Thomas S & Johnson, Gary V, 1990. "Ex Post Liability for Harm vs. Ex Ante Safety Regulation: Substitutes or Complements?," American Economic Review, American Economic Association, vol. 80(4), pages 888-901, September.
  9. M. L. Weitzman, 1973. "Prices vs. Quantities," Working papers 106, Massachusetts Institute of Technology (MIT), Department of Economics.
  10. Gale, Douglas & Hellwig, Martin, 1985. "Incentive-Compatible Debt Contracts: The One-Period Problem," Review of Economic Studies, Wiley Blackwell, vol. 52(4), pages 647-63, October.
  11. Hiriart, Yolande & Martimort, David & Pouyet, Jerome, 2004. "On the optimal use of ex ante regulation and ex post liability," Economics Letters, Elsevier, vol. 84(2), pages 231-235, August.
  12. Marcel Boyer & Donatella Porrini, 2000. "Law versus Regulation: A Political Economy Model of Instrument Choice in Environmental Policy," CIRANO Working Papers 2000s-57, CIRANO.
  13. Cohen, Mark A., 1986. "The costs and benefits of oil spill prevention and enforcement," Journal of Environmental Economics and Management, Elsevier, vol. 13(2), pages 167-188, June.
  14. Ringleb, Al H & Wiggins, Steven N, 1990. "Liability and Large-Scale, Long-term Hazards," Journal of Political Economy, University of Chicago Press, vol. 98(3), pages 574-95, June.
  15. Lewis, Tracy R & Sappington, David E M, 2000. "Contracting with Wealth-Constrained Agents," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 41(3), pages 743-67, August.
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Cited by:
  1. Vera Angelova & Giuseppe Attanasi & Yolande Hiriart, 2012. "Relative Performance of Liability Rules: Experimental Evidence," Jena Economic Research Papers 2012-012, Friedrich-Schiller-University Jena, Max-Planck-Institute of Economics.

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