I explore the advantages of tradable emission permits over uniform emission standards when the regulator has incomplete information on firms’ emissions and costs of production and abatement (e.g., air pollution in large cities). Because the regulator only observes each firm’s abatement technology but neither its emissions nor its output, there are cases in which standards can lead to lower emis...

We characterize a mechanism for reducing pollution emissions in which countries, acting non-cooperatively, commit to match each others’ abatement levels and may subsequently engage in emissions quota trading. The mechanism leads to an efficient level of emissions, and if the matching abatements process includes a quota trading stage, the marginal benefits of emissions are also equalized across ...

We characterize a mechanism for reducing pollution emissions in which countries, acting non-cooperatively, commit to match each others’ abatement levels and may subsequently engage in emissions quota trading. The mechanism leads to an efficient level of emissions, and if the matching abatements process includes a quota trading stage, the marginal benefits of emissions are also equalized across ...

Environmental economics has made numerous contributions to both the theory and the applied problems surrounding pollution control. Given that the primary benefits of controlling most pollutants are health benefits, there is a close link between human health and environmental economics. One of the most important contributions that economics has made to the problem of pollution control is to clar...

This paper investigates the extent to which ‘advanced’ knowledge and technology is likely to play a role in reducing greenhouse gas (GHG) emission in future by looking at the role that advanced knowledge and technology played in the technological change process that reduced SO2 emissions under the US SO2 cap and trade program. It investigates the hypothesis that advanced knowledge and technolog...

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