This paper derives the analytical solution of arenewable resource-based Ramsey economy withcostly resource extraction. The goal is toascertain whether costly resource extractioncan induce nonlinear dynamical properties in the system. We find that the solution for a model with constant technology...

This article develops a framework for environmental policy analysis based on an encompassing assessment of transaction costs. This approach emphasizes the <italic>ex ante</italic> costs of establishing environmental entitlements, and the <italic>ex post</italic> costs of administrating, monitoring, and enforcing them. The...

The significance of transaction costs for the analysis of environmental policy is increasingly recognized. This article focuses on one aspect of the topic: the political uncertainty and transaction costs of establishing environmental rights. Our contribution is to model the political process...

This paper provides an empirical study of energy taxes for achieving environmental and fiscal policy objectives. Based on an energy tax structured like Clinton's 1993 BTU tax proposal, we demonstrate that the optimal tax will be higher the greater the environmental costs associated with energy...

In this paper, we evaluate the impact of the SO<Subscript>2</Subscript> provisions in the 1990 Clean Air Act. A computable general equilibrium (CGE) model of the United States is used to evaluate the implications of this law for a number of economic sectors. We find that the largest negative impact falls on the coal...</subscript>