A Damage Based Tax Mechanism for Regulation of Hazardous Waste
The Pigouvian prescription for pollution damage requires a per-unit tax equal to the monetary value of marginal external cost (MEC). However, in this tradition, few economists have proposed a damage-based mechanism to regulate hazardous waste. Using damage scores from the Waste Minimization Chemical List of the United States Environmental Protection Agency (EPA), this paper develops such an approach. Marginal tax rates correspond to environmental damage. Efficiency increases in the presence of reliable EPA damage scores, linear marginal damage, and accurate monetary values assigned to MEC.
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