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| Author: | Heyes, A. |
| Title: | Optimal taxation of flow pollutants when firms may also inflict catastrophic environmental damage |
| Journal: | Environmental and Resource Economics
1996 : JAN, VOL. 7:1, p. 1-14 |
| Index terms: | POLLUTION TAXATION ENVIRONMENTAL DAMAGE |
| Language: | eng |
| Abstract: | In many industries firms affect the environment in two distinct types of ways. Firstly they emit routine, anticipated volumes of "flow pollutants" , secondly they can potentially inflict catastrophic environmental damage, liability for which may be overhanging or limited by the law. Operators of chemical plants, nuclear power stations and oil tankers are three examples. If an emission tax or charge is to be levied on the flow pollutants in these cases how should it be set? The author uses simple dynamic-programming techniques to characterize second-best optimality. |
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