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Moving to Markets in Environmental Regulation: Lessons from Twenty Years of Experience

Author

Listed:
  • Freeman, Jody

    (Harvard University)

  • Kolstad, Charles D.

    (University of California, Santa Barbara)

Abstract

Over the last decade, market-based incentives have become the regulatory tool of choice when trying to solve difficult environmental problems. Evidence of their dominance can be seen in recent proposals for addressing global warming (through an emissions trading scheme in the Kyoto Protocol) and for amending the Clean Air Act (to add a new emissions trading systems for smog precursors and mercury--the Bush administration's "Clear Skies" program). They are widely viewed as more efficient than traditional command and control regulation. This collection of essays takes a critical look at this question, and evaluates whether the promises of market-based regulation have been fulfilled. Contributors put forth the ideas that few regulatory instruments are actually purely market-based, or purely prescriptive, and that both approaches can be systematically undermined by insufficiently careful design and by failures of monitoring and enforcement. All in all, the essays recommend future research that no longer pits one kind of approach against the other, but instead examines their interaction and compatibility. This book should appeal to academics in environmental economics and law, along with policymakers in government agencies and advocates in non-governmental organizations. Available in OSO: http://www.oxfordscholarship.com/oso/public/content/economicsfinance/0195189655/toc.html

Suggested Citation

  • Freeman, Jody & Kolstad, Charles D., 2006. "Moving to Markets in Environmental Regulation: Lessons from Twenty Years of Experience," OUP Catalogue, Oxford University Press, number 9780195189650.
    • Handle: RePEc:oxp:obooks:9780195189650
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    Citations

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    Cited by:

    1. Gary D. Libecap & Terry L. Anderson, 2009. "The Allocation and Dissipation of Resource Rents: Implications for Fishery Reform," ICER Working Papers 13-2009, ICER - International Centre for Economic Research.
    2. Yuping Deng & Yanrui Wu & Helian Xu, 2020. "Political Connections and Firm Pollution Behaviour: An Empirical Study," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 75(4), pages 867-898, April.
    3. Robert N. Stavins, 2011. "The Problem of the Commons: Still Unsettled after 100 Years," American Economic Review, American Economic Association, vol. 101(1), pages 81-108, February.
    4. Sheila M. Olmstead & Robert N. Stavins, 2008. "Comparing Price and Non-Price Approaches to Urban Water Conservation," NBER Working Papers 14147, National Bureau of Economic Research, Inc.
    5. Canales, Elizabeth & Bergtold, Jason S. & Williams, Jeffery & Peterson, Jeffrey, 2015. "Estimating farmers’ risk attitudes and risk premiums for the adoption of conservation practices under different contractual arrangements: A stated choice experiment," 2015 AAEA & WAEA Joint Annual Meeting, July 26-28, San Francisco, California 205640, Agricultural and Applied Economics Association.
    6. Arthur J. Caplan & Yuya Sasaki, 2009. "Matching Traders in a Pollution Market: The Case of Cub River, Utah," Working Papers 2009-08, Utah State University, Department of Economics.
    7. Nicholas Z. Muller & Robert Mendelsohn, 2009. "Efficient Pollution Regulation: Getting the Prices Right," American Economic Review, American Economic Association, vol. 99(5), pages 1714-1739, December.
    8. Eric Tamatey Lawer & Johannes Herbeck & Michael Flitner, 2019. "Selective Adoption: How Port Authorities in Europe and West Africa Engage with the Globalizing ‘Green Port’ Idea," Sustainability, MDPI, vol. 11(18), pages 1-22, September.
    9. Meredith Fowlie & Stephen P. Holland & Erin T. Mansur, 2012. "What Do Emissions Markets Deliver and to Whom? Evidence from Southern California's NOx Trading Program," American Economic Review, American Economic Association, vol. 102(2), pages 965-993, April.
    10. Deng, Yuping & Wu, Yanrui & Xu, Helian, 2019. "Political turnover and firm pollution discharges: An empirical study," China Economic Review, Elsevier, vol. 58(C).
    11. Mohamed Amine Boutaba, 2009. "Investigating efficiency in the U.S sulfur dioxide permit market," Economics Bulletin, AccessEcon, vol. 29(2), pages 1308-1319.
    12. Zhe Li & Shouyong Shi, 2010. "Emission Tax or Standard? The Role of Productivity Dispersion," Working Papers tecipa-409, University of Toronto, Department of Economics.
    13. Sebastian Goers & Alexander Wagner & Jürgen Wegmayr, 2010. "New and old market-based instruments for climate change policy," Environmental Economics and Policy Studies, Springer;Society for Environmental Economics and Policy Studies - SEEPS, vol. 12(1), pages 1-30, June.
    14. Abdul Baki, Ghina & Marrouch, Walid, 2022. "Environmental taxation in the Bertrand differentiated duopoly: New insights," Resource and Energy Economics, Elsevier, vol. 70(C).
    15. Luxton, Sarah & Smith, Greg & Williams, Kristen & Ferrier, Simon & Bond, Anthelia & Prober, Suzanne, 2023. "An introduction to financial opportunities, ecological concepts, and risks underpinning aspirations for a nature-positive economy," OSF Preprints cu8rj, Center for Open Science.
    16. Martin, Paul V., 2018. "Managing the risks of ecosystem services markets," Ecosystem Services, Elsevier, vol. 29(PB), pages 404-410.

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