We examine an implication of the "Coase Theorem" which has had an important impact both on environmental economics and on public policy in the environmental domain. Under certain conditions, the market equilibrium in a cap-and-trade system will be cost-effective and independent of the initial...

Recent studies find that environmental tax swaps typically exacerbate the costs of the tax system and therefore do not produce a double dividend. This paper extends previous models by incorporating tax-favored consumption goods. In this setting, the efficiency gains from recycling environmental...

This study reviews regulatory instruments designed to reduce environmental externalities from the transport sector. The study finds that the main regulatory instruments used in practice are fuel economy standards, vehicle emission standards, and fuel quality standards. Although industrialized...

This study reviews regulatory instruments designed to reduce environmental externalities from the transport sector. We find that the main regulatory instruments used in practice are fuel economy standards, vehicle emission standards, and fuel quality standards. While industrialized countries...

France has a very ambitious environmental-policy agenda, aimed chiefly at cutting greenhouse gas (GHG) emissions but also at dealing with local air and water pollution, waste management and the conservation of biodiversity. The laws that followed the Grenelle de l’environnement encompass...