Abstract
This paper investigates aggregate cost differentials due to implementing environmental regulations over alternative time periods. These differentials may be related t o premature obsolescence of the capital stock, technical advances in abatement, and perhaps other factors. Our estimates, which are subject to a number of qualifications, indicate that these differentials may be substantial. We conduct our investigation within a simple but complete general equilibrium model and contrast our approach with more conventional techniques of forecasting and policy assessment. Our model consists of a description of preferences, technology, and the interaction of economic agents which generates forecasts of economic variables for alternative scenario,.
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