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J H Dales 1968 Land Water and Ownership Canadian Journal
Economics 1 pp 791804
W David Montgomery 1972 Markets in Licenses and Efficient Pollution
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achieve aggregate air pollution air quality allowed ambient permit ambient standards analysis approach assume Atkinson auction banking benchmark bidders carbon tax Clean Air Act competitive constraint control authority control costs cost functions cost savings cost-effective coupons damage discharge double auction Ecological Economics Economics and Management effect efficiency effluent emission permits emission reduction emission rights emissions trading environment Environmental Economics environmental quality equal Equation example existing firms fossil fuels incentive increase industry initial allocation Land Economics least-cost licenses marginal abatement costs marginal cost market power minimize Montgomery Nash equilibrium optimal output permit market permit price permit system permits trading pollutant concentrations pollution control pollution permits pollution rights potential problem procedure production property rights quota receptor points receptors and emitters reduce regulation resource result share social solution sources strategic sulfur dioxide Tietenberg tion tradable tradeable emission trading rules transferable vector welfare zone