Abstract
The purpose of this paper is to present a strategy for pollution control, representing a hybrid of conventional “emission fees” and “standards” approaches, which is designed to meet the dual needs of many localities for sustained industrial growth and compliance with air quality standards. We evaluate several “second best” policy mechanisms and extend our focus from questions of relative efficiency loss to concerns for feasibility, compliance incentives, and local objectives. For each non-attainment area, we suggest that a Clean Air Management Unit (CAMU) be established to formalize and oversee markets in emissions reductions.
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