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The Choice of Policy Instruments to Control Pollution under Costly Enforcement and Incomplete Information

  • Carlos Chávez

    ()

    (Departamento de Economía, Universidad de Concepción)

  • Mauricio Villena

    ()

    (Escuela de Negocios, Universidad Adolfo Ibáñez)

  • Johan Stranlund

We analyze the cost of enforcing a system of firm specific emissions standards vis a vis a transferable emissions permit system in the context of complete and incomplete information. We also examine the optimality of a transferable emissions permit system when abatement costs and enforcement costs are considered. We show that under incomplete information, regulation based on each firm-specific emissions standards cannot be less costly than a transferable emissions permit system. In addition, we found that the distribution of emissions that minimize aggregate program costs differ from the distribution of emissions generated by a competitive transferable emissions permit system.

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Paper provided by Departamento de Economía, Universidad de Concepción in its series Working Papers with number 01-2009.

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Date of creation: 2009
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Handle: RePEc:cnc:wpaper:01-2009
Contact details of provider: Postal: Victoria 471, Conceptión
Web page: http://economia.udec.cl
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