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Least-Cost Tradeable Risk Permit Scheme for Controlling Risk of Introducing Invasive Alien Species by Shipping

Author

Listed:
  • Feng, Hongli
  • Hennessy, David A.

Abstract

The probability of alienspecies invasion is reasonably characterized by a weakest link technology. A tradeableriskpermit system for shippers has been proposed as a means of efficiently reducing this invasion probability. Economic jointness arising from statistical independence among private risks for the weakest link technology implies that the risk instrument to be traded should be linear in the log of firm success probabilities, rather than linear in firm success probabilities.

Suggested Citation

  • Feng, Hongli & Hennessy, David A., 2012. "Least-Cost Tradeable Risk Permit Scheme for Controlling Risk of Introducing Invasive Alien Species by Shipping," Staff General Research Papers Archive 35017, Iowa State University, Department of Economics.
    • Handle: RePEc:isu:genres:35017
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    File URL: http://www2.econ.iastate.edu/papers/p15017-2012-03-29.pdf
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    JEL classification:

    • D62 - Microeconomics - - Welfare Economics - - - Externalities
    • H23 - Public Economics - - Taxation, Subsidies, and Revenue - - - Externalities; Redistributive Effects; Environmental Taxes and Subsidies
    • Q25 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Water

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