basic and ubiquitous features of regulation as actually implemented throughout the world has received little theoretical … because exemption induces additional harmful activity to be channeled their way. This article analyzes optimal regulation with … regulation, which illustrates the contrast with the mechanism design approach that analyzes the optimal use of instruments of a …

In this paper, we study regulation of externalities involving many small-scale polluters, where the damages from … such regulations should be designed and combined. We find that the optimal regulation design crucially depends on the type … technology regulation encourages cleaner technologies in high damage areas, but discourages their use in low damage areas …

Pigou (1920) advocated for taxes, set equal to marginal damages, on goods produced and consumed that involve negative …-internalizing without need for Pigouvian taxes, and public goods would also be provided optimally by the private sector. Because of the … the methods currently employed by economists. This implies that Pigouvian taxes should generally be larger than currently …

In this paper, we study regulation of externalities involving many small-scale polluters, where the damages from … such regulations should be designed and combined. We find that the optimal regulation design crucially depends on the type … technology regulation encourages cleaner technologies in high damage areas, but discourages their use in low damage areas …

In this paper, we study regulation of externalities involving many small-scale polluters, where the damages from … such regulations should be designed and combined. We find that the optimal regulation design crucially depends on the type … technology regulation encourages cleaner technologies in high damage areas, but discourages their use in low damage areas …

In this paper, we study regulation of externalities involving many small-scale polluters, where the damages from … such regulations should be designed and combined. We find that the optimal regulation design crucially depends on the type … technology regulation encourages cleaner technologies in high damage areas, but discourages their use in low damage areas …

trading scheme suffers numerous problems, but the issues raised show taxes can also be watered down and made ineffectual … percent renewable energy within a decade. We explore the difficulties of implementing meaningful greenhouse gas taxes in …

This paper studies optimal second-best corrective regulation, when some agents/activities cannot be perfectly regulated … apply our results to scenarios with unregulated agents/activities, uniform regulation across agents/activities, and costly … regulation. We illustrate our results in applications to financial regulation with environmental externalities, shadow banking …

This paper studies optimal second-best corrective regulation, when some agents/activities cannot be perfectly regulated … apply our results to scenarios with unregulated agents/activities, uniform regulation across agents/activities, and costly … regulation. We illustrate our results in applications to financial regulation with environmental externalities, shadow banking …