Efficiency and Distributional Aspects of Market Mechanisms in the Control of Pollution: An Empirical Analysis
This paper assesses the consequences of using tradable permits to achieve water quality goals in the Forth Estuary, Scotland. Both total loading reduction and ambient condition targets are considered. The existing form of control in the Estuary is described as flexible regulation, and in a static model is found to get very close to the least-cost outcome for removing a dissolved oxygen sag. For total loading reduction, the least-cost solution represents a large saving over uniform regulation, but there are significant obstacles to a permit system achieving the former outcome. A permit system is shown to be more equitable in terms of the financial burden of control access firms than uniform regulation. Copyright 1993 by Scottish Economic Society.
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Volume (Year): 40 (1993)
Issue (Month): 1 (February)
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