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| Pizer, William A.. |
| Uncertainty about compliance costs causes otherwise equivalent price and quantity controls to behave differently. Price controls - in the form of taxes - fix the marginal cost of compliance and lead to uncertain levels of compliance. Meanwhile quantity controls - in the form of tradable permits or quotas - fix the level of compliance but result in uncertain marginal costs. This fundamental difference in the face of cost uncertainty leads to different welfare outcomes for the two policy instruments. Seminal work by Weitzman (1974) clarified this point and derived theoretical conditions under which one policy is preferred to the other. This paper applies this principal to the issue of worldwide greenhouse gas (GHG) control, using a global integrated climate... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Climate change; Policy under uncertainty; Price and quantity controls; General equilibrium modeling; Demand and Price Analysis; Q28; D81; C68. |
| Ano: 1997 |
URL: http://purl.umn.edu/10498 |
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| Hussain, Anwar; Munn, Ian A.; Holland, David W.; Armstrong, James; Spurlock, Stanley R.. |
| The economic impact of wildlife-associated recreation in the Southeast United States was evaluated using a general equilibrium model. Exogenous demand shocks to the regional economy were based on estimates of expenditures by wildlife recreationists on hunting, fishing, and wildlife watching activities. Counterfactual simulations were carried out, making alternative assumptions about labor and capital mobility and their supply. Without wildlife-associated recreation expenditures, regional employment would have been smaller by up to 783 thousand jobs, and value added would have been $22 to $48 billion less. These findings underscore the significance of regional factor market conditions in economic impact and general equilibrium analysis. |
| Tipo: Article |
Palavras-chave: General equilibrium modeling; Input-output analysis; Regional economic impact; Wildlife-associated recreation activities; Resource /Energy Economics and Policy; R13; R15; Q26. |
| Ano: 2012 |
URL: http://purl.umn.edu/120456 |
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