Di Maria, Corrado; Smulders, Sjak; van der Werf, Edwin - In: Ecological Economics 74 (2012) C, pp. 104-119
We study the effectiveness of environmental policy in a model with nonrenewable resources and an unavoidable implementation lag. We find that a time lag between the announcement and the implementation of an emissions quota induces an increase in emissions in the period between the policy's...