-consistent policy rules that implement the stochastic first best as long as a future market exists. We apply our theory to carbon …

Non-point-source (NPS) pollution refers to a form of pollution in which neither the source nor the size of specific … emissions can be observed or identified with sufficient accuracy. In NPS pollution the ambient concentration of pollutants … associated with the individually unobserved emissions is typically observed. NPS pollution due to agricultural runoff is a major …