Marketable permits for the prevention of environmental deterioration |
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| Authors: | Albert M McGartland Wallace E Oates |
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| Institution: | Environmental Protection Agency, USA;Department of Economics and Bureau of Business and Economic Research, University of Maryland, College Park, Maryland 20742, USA |
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| Abstract: | This paper develops a modified system of marketable emission permits that promises both savings in abatement costs to sources and improved environmental quality relative to an initial command-and-control (CAC) outcome. Using a model of TSP emissions for the Baltimore Air Quality Control Region (AQCR), a series of simulation exercises indicates that such a permit system could generate large cost savings while inducing significant reductions in TSP concentrations as compared to the existing CAC regime in Baltimore. |
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