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| Author: | Barrett, J. Segerson, K. |
| Title: | Prevention and treatment in environmental policy design |
| Journal: | Journal of Environmental Economics and Management
1997 : JUN, VOL. 33:2, p. 196-213 |
| Index terms: | MANAGEMENT ENVIRONMENTAL ECONOMICS POLICY |
| Language: | eng |
| Abstract: | In many environmental contexts, the damages that result from some externally-generating activity can be reduced either through prevention prior to the occurrence of the event or treatment after the occurrence. The existing literature has focused on the use of prevention. Only Polinsky and Shavell consider explicitly the use of mitigation, but their analysis is limited to the case of Pareto efficiency. In reality, policy makers often pursue other objectives, such as minimizing damages subject to a budget constraint or minimizing the cost of maintaining a certain safety level. |
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