We consider the problem of regulating many polluting firms when their individual emissions are unobservable. The tension between the dual regulatory goals of pollution deterrence and funding of remediation is examined under two different constraints: that penalty revenues be sufficient to fund...

We consider the problem of regulating many polluting firms when their individual emissions are unobservable. The tension between the dual regulatory goals of pollution deterrence and funding remediation is examined under two different constraints: that penalty revenues be sufficient to fund...

Uncertainty is ubiquitous in environmental economics: the field studies interactions between socio-economic and biogeochemical systems and neither is fully understood. So our grasp of their interactions is necessarily limited. We argue that this pervasive uncertainty is best modeled as ambiguity...

Superfund cleanup has been extremely slow. Traditional analysis has centred around reducing the heavy negotiation and litigation to expedite the cleanup process. This paper investigates other factors which provide possible incentives for the PRPs to delay the cleanup, namely discounting, risk...