The paper presents two simple models of dynamic consumer behavior, both taking into consideration the implications for welfare measurement when agents can delay transactions while obtaining additional information. One model studies the effect when a purchased good is non-perishable and can be...

Superfund cleanup has been extremely slow. Traditional analysis has centered around reducing negotiation and litigation to expedite the cleanup process. We investigate other factors which provide possible incentives for delay, namely, discounting, risk aversion, and compensation for off-site...

We study the optimal emission standards under uncertain pollution damages and transaction costs associated with policy changes in a dynamic setting. We consider three alternative forms of transactions costs and show that they can lead to different kinds of delays of policy changes or smaller...

We examine the social efficiency of alternative intertemporal permit trading regimes. Banking with a 1-to-1 ratio and with a non-unitary intertemporal trading ratio (ITR) are compared with each other and with the no-banking permit trading regime. The more industry-wide shocks vary, and/or the...

We compare the short-run and long-run effects of environmental reform and harmonization under autarky and free trade. When trade is driven by environmental distortions rather than real relative advantages, harmonization of environmental policies, even if achieved by lowering standards in one...

The development of technologies for accurate field-scale carbon assessment allows the implementation of more efficient policies than can be implemented in their absence. We estimate the value of accurate measurement technology by estimating the gains from implementing a more efficient policy,...

 No abstract is available for this article.

When marketable emission permits affect the entry and exit decisions of competitive firms, all permits should not be distributed free of charge. Depending on the nature of the pollutant, an optimal share of the permits should be auctioned with others freely distributed to ensure long-run...

Forthcoming. Abstract Currently Unavailable.