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| Author: | Lewis, T. R. |
| Title: | Protecting the environment when costs and benefits are privately known |
| Journal: | RAND Journal of Economics
1996 : WINTER, VOL. 27:4, p. 819-847 |
| Index terms: | ENVIRONMENTAL PROTECTION COSTS PROFIT SHAREHOLDERS |
| Language: | eng |
| Abstract: | Different approaches for protecting the environment when shareholders are informed privately about the benefits and costs of pollution reduction, are analyzed in this paper. Asymmetric information calls for some significant departures from the textbook prescriptions of marketable permits and emission taxes for controlling pollution. It may no longer be optimal to equate the social marginal benefits to the marginal cost of cleanup in determining appropriate abatement levels. |
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