externalities. For example, one authority may regulate a stock pollution and another a flow pollution that result from the same … leads to excess taxation. The analysis demonstrates how an authority has to adjust its regulation of an externality if a … warming and local air pollution as a result of CO2 emissions, a review of the results of integrated assessment model shows …

stock externalities (e.g., air pollution/ climate change). Regulatory bodies typically develop separate policies for each … also defines the socially optimal taxation scheme of a second externality when the regulation/taxation of the first …