Emissions trading is becoming increasingly popular in environmental law. Allowances to trade emissions can either be auctioned off or handed out free of charge by means of grandfathering. Although grandfathering is frequently used in emissions trading schemes, it is a popular view in the...

This paper constitutes a chapter in a book on maritime pollution liability and policy in China, Europe and the U.S. and deals with criminal liability for oil pollution damage from an economic perspective. After an introduction first the economic theory of criminalisation is applied to oil...

The polluter pays principle is a key principle of ecologically sustainable development. The principle holds that those who generate pollution and waste should bear the costs of containment, avoidance and abatement. This article discusses Australian cases relating to four situations which reflect...

In this paper we investigate recent initiatives with respect to extended producer responsibility in the aviation sector. We compare those with the existing practices in the automobile sector and the emerging regulations in the shipping sector. We describe the challenges and the lessons to be...

Within the context of transboundary disputes, this paper seeks to determine which liability concept, negligence or strict liability, performs better when assets are secure against foreign claims for transboundary damages. Our results indicate that, if assets are hidden from foreign claims,...

We compare the performance of liability rules for managing environmental disasters when third parties are harmed and cannot always be compensated. A firm can invest in safety to reduce the likelihood of accidents. The firm's investment is unobservable to authorities. Externality and asymmetric...

We find that the level of environmental GAAP disclosure is associated with profitability, and that this level of environmental GAAP disclosure is relevant to investors, We also find that the effect of profitability on the level of environmental GAAP disclosure, and the effect of the level of...