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Multipollutant markets

Author(s)
Montero, Juan-Pablo
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Massachusetts Institute of Technology. Center for Energy and Environmental Policy Research.
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Abstract
I study the optimal design of marketable permit systems to regulate various pollutants (e.g. air pollution in urban areas) when the regulator lives in a real world of imperfect information and incomplete enforcement. I show that the regulator should have pollution markets integrated through optimal exchange rates when the marginal abatement cost curves in the different markets are steeper than the marginal benefit curves; otherwise he should keep markets separated. I also find that incomplete enforcement reduces the advantage of market integration.
Date issued
2001
URI
http://hdl.handle.net/1721.1/44980
Publisher
MIT Center for Energy and Environmental Policy Research
Other identifiers
2001-008
Series/Report no.
MIT-CEEPR (Series) ; 01-008WP.

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