Grandfathering of emission permits creates a rent to incumbent firms since a valuable asset is freely distributed to them. In this paper, we examine the strategic behaviour of polluters that anticipate a change in environmental regulation from a standard-setting to tradable emission permits with...

"An increase in sea surface temperature is evident at all latitudes and in all oceans. The current understanding is that ocean warming plays a major role in intensified cyclone activity and heightened storm surges. The vulnerability of coastlines to intensified storm surges can be ascertained by...