For the mitigation of long-term pollution threats, one must consider that both the process of environmental degradation and the switchover to new and cleaner technologies are dynamic. We develop a model of a uniform good that can be produced by either a polluting technology or a clean one; the...

Environmental policymakers must address the adverse effects of a number of pollutants that accumulate in the environment. Goals for the regulation of these damages often involve holding long-term emissions below a level deemed to be "dangerous,'' or outright banning of offending products or...