The main objective of the paper is to analyze the effects on economic agents’ behavior deriving from the introduction of financial activities aimed to environmental protection. The environmental protection mechanism we study should permit exchange of financial activities among citizens, firms,...

La gestión eficiente de ciertos recursos renovables caracterizados por la propiedad común y el libre acceso ha estado mediatizada por la denominada «Tragedia de los Comunes». La literatura pionera en este campo enfatizaba la necesidad de un marco regulatorio que superara esta tendencia hacia...

This paper makes some steps toward a formal political economy of environmental policy. Economists' quasi-unanimous preferences for sophisticated incentive regulation is reconsidered.

The economic development of oil importing countries creates an increased demand for oil. This results in higher prices and an increased surplus to producers. A buyers' cartel would be a mechanism by which the US (in association with other importing countries) could retain (all or a part of) this...

In the active literature on regulatory reinvention, many have pointed to the Endangered Species Act's Habitat Conservation Plan program as a successful example of the potential for collaborative and experimentalist regulatory innovation. Yet, despite its frequent mention as a prototype for...

In the presence of uncertainty and irreversibility, dynamic decision problems should not be solved using expected net present value analysis. The right to delay a decision can be valuable. We show that the value of this right equals Arrow and Fisher's [K. J. Arrow and A. C. Fisher, Environmental...

The major argument against climate change treaties (like the Kyoto Agreement) is that they would reduce economic activity. On the contrary, in this paper we show that a revenue neutral tax on crude (returned as a lump sum payment to consumers) would achieve a reduction in consumption of oil (to...

This paper examines the efficiency of the European market for carbon dioxide emission allowances. To this end, spot and futures market data are analyzed from Powernext, Nord Pool and ECX, the three main exchanges under the European Union Emission Trading Scheme (EU ETS). The methodology employs...