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Prices versus quantities: stock pollution control with repeated choice of the instrument

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  • GERMAIN, Marc
  • MAGNUS, Alphonse

Abstract

One examines strategies of pollution control through choices between taxes and tradable permits, supposed to be decided at several time periods t1, t2,..., ti. At each of these time periods, the choice depends on the solution of a dynamic programming problem involving the expectations of the polluting factor of production function z(t) and the pollutant stock function S(t). According to coefficients of these two functions in the dynamic problem, it is shown under a broad functional setting that permits are decided for a while, followed by decisions of taxes for all the remaining periods. Finite (I

Suggested Citation

  • GERMAIN, Marc & MAGNUS, Alphonse, 2005. "Prices versus quantities: stock pollution control with repeated choice of the instrument," CORE Discussion Papers 2005064, Universit√© catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  • Handle: RePEc:cor:louvco:2005064
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    File URL: https://uclouvain.be/en/research-institutes/immaq/core/dp-2005.html
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    1. repec:cdl:agrebk:5182 is not listed on IDEAS
    2. Hoel, Michael & Karp, Larry, 2002. "Taxes versus quotas for a stock pollutant," Resource and Energy Economics, Elsevier, vol. 24(4), pages 367-384, November.
    3. Pizer, William A., 2002. "Combining price and quantity controls to mitigate global climate change," Journal of Public Economics, Elsevier, vol. 85(3), pages 409-434, September.
    4. Newell, Richard G. & Pizer, William A., 2003. "Regulating stock externalities under uncertainty," Journal of Environmental Economics and Management, Elsevier, vol. 45(2, Supple), pages 416-432, March.
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