’This book provides a unique collection of core publications from the literature of the past 30 years, hence is an excellent companion for further reading by interested students. For the wide and diverse group of those interested in or applying environmental policy in practice, this book will provide insight and understanding of the roots, the evolution and the current application windows of these basic instruments of environmental policy.’ International Journal of Environment and Pollution

• Contents: Part I: What is CAC?: Standards versus standards: the effects of different pollution restrictions, Gloria E. Helfand; Performance versus design standards in the regulation of pollution, David Besanko; Agricultural runoff as a nonpoint externality: a theoretical development, Ronald C. Griffin and Daniel W. Bromley. Part II: Sensibly Designed CAC: The new 'Contractarian' paradigm in environmental regulation; David A. Dana; Emission trading vs. rigid regulations in the control of vehicle emissions, Catherine L. Kling; Why CAFE worked, David L. Greene. Part III: Monitoring Costs: When is command-and-control efficient? Institutions, technology and the comparative efficiency of alternative regulatory regimes for environmental protection; Daniel H. Cole and Peter Z. Grossman; The triumph of technology-based standards, Wendy E. Wagner; The use of economic incentives in developing countries: lessons from international experience with industrial air pollution; Allen Blackman and Winston Harrington; Environmental policy for developing countries, Ruth Greenspan Bell and Clifford Russell; Reevaluating the relationship between transferable property rights and command-and-control regulation, Robert W. Hahn and Robert L. Axtell. Part IV: Non-Uniform Conditions: The Net benefits of incentive-based regulation: a case study of environmental standard setting, Wallace E. Oates, Paul R. Portney and Albert M. McGartland; Effluent charges: a critique, Susan Rose-Ackerman; Cost-effective policies to improve urban air quality in Santiago, Chile, Raúl E. O'Ryan. Part V: Uncertainty: Prices vs. quantities, Martin L. Weitzman; Ex Post liability for harm vs. Ex Ante safety regulation: substitutes or complements?, Charles D. Kolstad, Thomas S. Ulen and Gary V. Johnson. Part VI: Imperfect Competition and Information: Regulation of prices and pollution under incomplete information, David P. Baron; Welfare consequences of emission credit trading programs, David A. Malueg; Market power and transferable property rights, Robert W. Hahn. Part VII: Non-Economic Factors: Political Economy and Philosophy: Polluters' profits and political response: direct controls versus taxes, James M. Buchanan and Gordon Tullock; Polluters' profits and political response: direct control versus taxes: comment, Philip R.P. Coelho; Polluters' profits and political response: direct control versus taxes: comment, Robert S. Main and Charles W. Baird; Polluters' profits and political response: direct control versus taxes: comment, Gary W. Yohe; Polluters' profits and political response: direct controls versus taxes: reply, James M. Buchanan and Gordon Tullock; A positive theory of environmental quality regulation, Michael T. Maloney and Robert E. McCormick; Economists and the environmental muddle, Steven Kelman; Regulation by prices and by command, Amihai Glazer and Charles Lave; Explaining market mechanisms, Thomas W. Merrill; Name index.