externalities. For example, one authority may regulate a stock pollution and another a flow pollution that result from the same … warming and local air pollution as a result of CO2 emissions, a review of the results of integrated assessment model shows … potential for a tax to control local air pollution is likely to clearly be in the two-digit percent range if they take account …

stock externalities (e.g., air pollution/ climate change). Regulatory bodies typically develop separate policies for each …