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We consider the problem of determining the permit discount rate in pollution permit markets in which permits may be traded over time and polluting firms have better information about their abatement costs than does the regulator. We show that the preferred permit discount rate may be greater than...
This paper considers a firm's decision to commence or to suspend extraction of a nonrenewable resource when there are start-up or shut-down costs. For a given level of reserves, the critical price that would cause an inactive mine to be opened exceeds the price that would induce an active mine to...