Recent changes to the federal wetland permitting process increase the time and effort required of applicants to obtain needed permits. Using a combination of survey and government data, the cost of the reform is calculated at over $300 million annually. This cost is shown to be large relative to...

Based on an in-depth literature review and responses to a survey among OECD member countries, this paper discusses the use of flexibility mechanisms in environmental regulations. Such mechanisms can provide flexibility as to how a given environmental improvement is achieved, regarding where...

We develop a 2-period emission trading model for a stock pollutant with demand shocks resolving over time. We find precise conditions for efficiency of a stabilization mechanism where cumulative available permits decrease with excess supply in early periods. Our model describes the stabilization...