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Title:Weitzman revisited: emission standards vs. taxes with uncertain control costs and market power of polluting firms PDF Logo
Authors:Heuson, Clemens
Issue Date:2008
Series/Report no.:Volkswirtschaftliche Diskussionsreihe // Institut für Volkswirtschaftslehre der Universität Augsburg 299
Abstract:It is well known that uncertainty concerning firms' costs as well as market power of the latter have to be taken into account in order to design and choose environmental policy instruments in an optimal way. As a matter of fact, in most actual regulation settings the policy maker has to face both of these complications simultaneously. However, hitherto environmental economic theory has restricted to either of them when submitting conventional policy instruments to a comparative analysis. The article at hand takes a first step in closing this gap. It investigates the welfare effects of emission standards and taxes against the background of uncertain emission control costs and various degrees of the polluting firms' market power.
Subjects:Cournot oligopoly
external diseconomies of pollution
cost uncertainty
emission standard
emission tax
JEL:D62
D89
L13
Q58
Document Type:Working Paper
Appears in Collections:Volkswirtschaftliche Diskussionsreihe, Universität Augsburg

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