production takes place at constant returns to scale and entails a negative environmental externality. We model the problem as a … regulatory instrument suffices to drive the industry to the same output, externality and social welfare as under planning, both …

production takes place at constant returns to scale and entails a negative environmental externality. We model the problem as a … regulatory instrument suffices to drive the industry to the same output, externality and social welfare as under planning, both …

-seeking firms internalize the externality generated by production, and social welfare is the highest. We conclude that the creation …

production takes place at constant returns to scale and entails a negative environmental externality. We model the problem as a … regulatory instrument suffices to drive the industry to the same output, externality and social welfare as under planning, both …