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Review_exam_2 - o Efficient emission for a given emission...

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CED 201 Review for Exam 2 - Externality/market failure - Social welfare in the presence of externality - The inefficiency of free market (or competitive market) when externality is present - Non-market valuation o Revealed preference Hedonic pricing Travel cost o Stated preference Contingent valuation o Supply side approach - Coase Theorem and Property rights o Marginal Emission Benefit (or MAC) o Marginal Damage Cost o Individuals’ welfare (i.e. victim and polluter) o Social welfare o Total Damage Cost o Total Benefit (total profit from pollution) o Efficient emission reduction purchase for a given price per unit of emission reduction. (the polluter holds the right)
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Unformatted text preview: o Efficient emission for a given emission charge (the victim holds the right) o Gains from negotiation o Gains from defining property rights o Limitations of Coase Theorem- More on Pollution Control Policies o MAC and MDC o Efficient Pollution o Total Damage Cost/ Total Abatement Cost o Total Social Cost o Market Based Policies o Tax/Subsidy o The choice of emission for a given tax rate o Efficient tax o Tradable Permits (Cap and Trade) o The choice of emission for a given permit price o Efficient Permit price o Command and Control Policies (Technology standards, ambient standards, emissions standards. .)...
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