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THE FAILURE OF MARKETABLE PERMIT SYSTEMS AND UNCERTAINTY OF ENVIRONMENTAL POLICY: A SWITCHING REGIME MODEL APPLIED TO THE DUTCH PHOSPHATE QUOTA PROGRAM AgEcon
Wossink, Ada.
A well-known feature of pollution control with tradable quota rights is that the benefits to ownership will capitalize into prices of the quota. Quota present a unique opportunity to examine the effect of risks introduced by governmental programs because all the return to quota is dependent upon these programs. The uncertainty of future regulatory action results from the probability that the stream of incomes could be reduced (portfolio risk) by policy variation or stopped (default risk) by a substantial switch or shock in policy regime. Eliminating the quota program is the extreme case of default risk, as it would terminate the quota benefits. The paper concentrates on the paradox that environmental regulation can provoke economic and environmental...
Tipo: Conference Paper or Presentation Palavras-chave: Switching regime; Option theory; Policy risk; Asset fixity; Phosphate quota; Pork production.; Environmental Economics and Policy; Risk and Uncertainty.
Ano: 2000 URL: http://purl.umn.edu/21792
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