The authors wish to thank the World Bank for financial support and accesses to information sources. For many helpful comments and suggestions, the authors are also grateful to Nicholas Treich and other conferees at the European Society for Benefit-Cost Analysis first annual meeting at the...

This title reviews and synthesizes the research on economic methods for evaluating regulations that improve air quality, save energy, and reduce climate risks. It also offers perspective on the relevance and limitations of current research for applied benefit-cost analysis.

This article develops a framework for environmental policy analysis based on an encompassing assessment of transaction costs. This approach emphasizes the <italic>ex ante</italic> costs of establishing environmental entitlements, and the <italic>ex post</italic> costs of administrating, monitoring, and enforcing them. The...

The significance of transaction costs for the analysis of environmental policy is increasingly recognized. This article focuses on one aspect of the topic: the political uncertainty and transaction costs of establishing environmental rights. Our contribution is to model the political process...