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Regulation with Anticipated Learning About Environmental Damages
Karp, Larry S.; Zhang, Jiangfeng - 2013
A regulator anticipates learning about the relation between environmental stocks and economic damages. For a model with linear-quadratic costs and a general learning process, we show analytically that anticipated learning decreases the optimal level of abatement "at a given information set." If...
Persistent link: https://www.econbiz.de/10014102098
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Prices versus quantities reassessed
Karp, Larry S.; Traeger, Christian - 2018
"Prices versus quantities" (Weitzman 1974), a hugely influential paper, is widely cited (and taught) in current debates about the best policy to reduce greenhouse gas emissions. The paper's criterion for ranking policies suggests that technological uncertainty favors taxes over cap and trade....
Persistent link: https://www.econbiz.de/10011927948
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Regulating stock externalities
Gerlagh, Reyer; Heijmans, Roweno - 2018
We develop a dynamic regulation game for a stock externality under asymmetric information and future market uncertainty …. Within this framework, regulation is characterized as the implementation of a welfare-maximization program conditional on …-consistent policy rules that implement the stochastic first best as long as a future market exists. We apply our theory to carbon …
Persistent link: https://www.econbiz.de/10011939765
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Environmental regulation, taxes, and activism
Adetutu, Morakinyo O.; Odusanya, Kayode A.; … - In: Oxford economic papers 75 (2023) 2, pp. 460-489
Persistent link: https://www.econbiz.de/10014316908
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Smart cap
Karp, Larry S.; Traeger, Christian - 2021
We introduce a "smart" cap and trade system that eliminates the welfare costs of asymmetric information (“uncertainty”). This cap responds endogenously to technology or macroeconomic shocks, relying on the market price of certificates to aggregate information. It allows policy makers to...
Persistent link: https://www.econbiz.de/10012438358
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Smart cap
Traeger, Christian; Karp, Larry S. - 2021
Persistent link: https://www.econbiz.de/10012493140
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Price versus quantities versus indexed quantities
Branger, Frédéric; Quirion, Philippe - 2014
We develop a stochastic model to rank different policies (tax, fixed cap and relative cap) according to their expected total social costs. Three types of uncertainties are taken into account: uncertainty about abatement costs, business-as-usual (BAU) emissions and future economic output (the two...
Persistent link: https://www.econbiz.de/10010419904
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Regulation by taxes versus quantity with non-credible regulator
Glazer, Amihai - In: Regulation by price or by command, (pp. 1-11). 1995
Persistent link: https://www.econbiz.de/10001318461
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Prices Versus Quantities
Hsu, Shi-Ling - 2018
Within the world of market mechanisms, two parallel ideas have been formative in the developing discourse on environmental policy: a "price instrument" through a Pigouvian tax, and a "quantity instrument" through a Dalesian emissions trading instrument. Over time, these simple theoretical ideas...
Persistent link: https://www.econbiz.de/10012918452
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Taxes versus quantities reassessed
Karp, Larry S.; Traeger, Christian - In: Journal of environmental economics and management : … 125 (2024), pp. 1-19
Persistent link: https://www.econbiz.de/10015069659