Replaced with revised version of paper 07/20/11.

Legal issues in environmental policy are considered, as well as property rights and voluntary regulations. Taxation, Fines, and Producer Liability Rules: Efficiency and Market Structure Implications Stephen Hamilton, Kansas State University. Regulatory Takings and the Diminution of Value: A...

In the standard economic model of cap and trade policies, the regulator is assumed to place zero value on pollution reductions below the cap. This paper considers an alternative case, where the policy makers can manipulate the rules of the program to achieve improved environmental performance....

The 1990 amendments to the Clean Air Act created a trading program in sulfur dioxide (SO2) emissions that has served as the seminal example of how an emissions trading program could be designed. Yet despite its success, the trading program was essentially brought to an end by a series of...