This paper deconstructs the relationship between harm and pollution, and argues that understanding this relationship … pollutants, even when reducing the total amount of pollution is impractical or impossible. The key is to match up legal tools …

Public policies for pollution control, including climate change policies, sometimes allow polluters in one sector … subject to an emissions cap to offset excessive emissions in that sector with pollution abatement in another sector. The … allowing offsets may increase pollution abatement and reduce illegal pollution, even if the government has a fixed enforcement …

Several pollution control regimes, including climate change policies, allow polluters in one sector subject to an … emissions cap to offset excessive emissions in that sector with pollution abatement in another sector. The government may often … may increase pollution abatement and reduce illegal pollution, even if the government has a fixed enforcement budget. We …

regulation and costly abatement. Regulation may be taxes or marketable permits. The innovating firm invests in R&D and develops … technologies which reduce the cost of pollution abatement. The innovating firm can patent this innovation and use a licensing fee … a pollution tax or a marketable permit. However, the returns to the innovator from innovation are not the same under the …

exhaustible resource and an expensive carbon-free renewable resource, in which an environmental regulation is imposed through a …

pollution costs are internalized (efficiency), but also that producers buy their allowances before they pass on those costs to …