Heyes, Anthony; Liston-Heyes, Catherine - In: Environmental & Resource Economics 9 (1997) 4, pp. 493-507
We identify and analyse several dynamic implications of setting environmental standards such as to ‘balance’ marginal costs and benefits. The adoption of such a regulatory approach is shown to effect (i) the speed of improvement of abatement technologies; (ii) the ‘direction’ (in a sense...