haku: @author Pizer, W. A. / yhteensä: 4
viite: 2 / 4
| Tekijä: | Newell, R. G. Pizer, W. A. |
| Otsikko: | Regulating stock externalities under uncertainty |
| Lehti: | Journal of Environmental Economics and Management
2003 : MAR, VOL. 45:2S, p. 416-432 |
| Asiasana: | STOCKS EXTERNALITIES POLICY REGULATIONS PRICES TAXATION |
| Kieli: | eng |
| Tiivistelmä: | Using a simple analytical model incorporating benefits of a stock, costs of adjusting the stock, and uncertainty in costs, the authors uncover several important principles governing the choice of price-based policies (e.g., taxes) relative to quantity-based policies for controlling stock externalities. As in Weitzman, the relative slopes of the marginal benefits and costs of controlling the externality continue to be critical determinants of the efficiency of prices relative to quantities, with flatter marginal benefit and steeper marginal costs favoring prices. But some important adjustments for dynamic effects are necessary, including correlation of cost shocks across time, discounting, stock decay, and the rate of benefits growth. |
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