Determining optimal air quality standards: Quantities or prices?
AbstractIn this study, a basic comparison between the Pigouvian and the Coasean approaches is carried out in order to discuss and comment on the mechanisms by which externalities are resolved. Environmental control approaches are examined and compared in terms of minimization of abatement costs, development of new technologies, revenue-generating capacity, complexity, popularity, incentives to cheat and inflation and adjustment costs. It seems that economic instruments have several advantages over regulations: they are less rigid and static, they are cost-effective, provide a source of finance and encourage innovation. However, market mechanisms do not invalidate regulatory approaches; they are, and must be, an adjunct to them.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 42849.
Date of creation: 2000
Date of revision:
Publication status: Published in Archieves of Economic History XIV.2(2002): pp. 61-82
Pollution; Economic instruments; Abatement costs; International cooperation;
Find related papers by JEL classification:
- Q50 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - General
- Q52 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Pollution Control Costs; Distributional Effects; Employment Effects
- Q53 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Air Pollution; Water Pollution; Noise; Hazardous Waste; Solid Waste; Recycling
- H23 - Public Economics - - Taxation, Subsidies, and Revenue - - - Externalities; Redistributive Effects; Environmental Taxes and Subsidies
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