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Environmental cost-benefit analysis (ECBA) refers to social evaluation of investment projects and policies that involve significant environmental impacts. Valuation of the environmental impacts in monetary terms forms one of the critical steps in ECBA. We propose a new approach for environmental...
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with pollution. The way this joint production is modelled is therefore of crucial importance for our understanding and …
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monitoring ambient pollution is low enough, the optimal inspection policy consists in imposing the maximal possible fine, and … mixing between observing ambient pollution and not conducting any inspection at all. However, with stringent upper limits on … the fine, the agency mixes between observing ambient pollution and inspecting all firms. The observation of ambient …
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