By William J. Baumol
During this booklet, Professors Baumol and Oates offer a rigorous and complete research of the commercial idea of environmental coverage. They current a proper, theoretical remedy of these components infuencing the standard of existence. via protecting either the speculation of externalities and its software to environmental coverage, the authors have retained the elemental constitution and association of the 1st version, which has turn into a customary reference within the box. during this version, notwithstanding, they've got up to date their research to include fresh learn in enviromental economics.
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Extra info for The Theory of Environmental Policy
26 25 ; "' Externalities: formal analysis 51 On the theory of externalities (p i + t i — SMC; ) = k(MR ; — SMC ; ) for all activities i r For a derivation of these results, see, for example, W. J. Baumol and D. F. Bradford, "Optimal Departures from Marginal Cost Pricing," American Economic Review LX (June, 1970), 265-83. 26 Common contends that the introduction of the balanced-budget constraint implies that victims should be fully compensated for the damages they suffer. However, this result has its source in a condition that requires the disbursement of Pigouvian tax revenues solely to victims.
In the figure, the marginal benefits curve, BB, is, by assumption, known with certainty. The cost curve, in contrast, is now subject to uncertainty. We see part of the anticipated cost curve, Ca , and the associated "optimal" point, Ea . Assuming the regulator selects either the corresponding effluent fee, f, or the corresponding volume of permits, leading to an emissions reduction, qp , we can now see the consequences if the true curve of marginal control costs, C t , lies below C u . First, we see that with the marginal benefit curve having a negative slope, the true optimum, point Et , must lie below and to the right of the anticipated optimum, E a .
The social loss in this case would equal the shaded triangle to the left of and below E*, which indicates the excess of control costs over benefits over the range q*** to q*. 2 are the regulator's chosen control instrument. It follows that uncertainty about the • osition of the benefits curve by itself offers no guidance on the emitted in the absence of intervention by the public sector, the permits choir between the two types o measures. mus ow, in R -q units off"emissions . AssurimingTiät t ie market Why do the two approacheis y Id the same result when the cost curve ör permits is competitive, thrice of a permit (allowing one unit of disis known?
The Theory of Environmental Policy by William J. Baumol