Within the EU, the Macaronesian Region consists of three archipelagos: the Azores, Madeira (both belonging to Portugal) and the Canaries (Spain). All are of volcanic origin and this fact is reflected everywhere in the landscape. Large calderas, jagged mountains and vertiginous cliffs contrast...

We study the cost-effectiveness of a transferable emissions permit system (TEPS) vis a vis a system of emissions standards. Our analysis includes along with abatement costs, the costs of enforcing the system to induce compliance. Further, the analysis considers complete and incomplete...