A positive theory of environmental quality regulation.

@article{Maloney1982APT,
  title={A positive theory of environmental quality regulation.},
  author={M T Maloney and R. E. Mccormick},
  journal={The Journal of law & economics},
  year={1982},
  volume={25 1},
  pages={
          99-123
        }
}
This paper demonstrates that environmental-quality regulation may enhance producer wealth while simultaneously reducing an externality problem by restricting access to common property. Regulation not only corrects a resource misallocation, but it creates a scarcity rent as well. In the recent history of environmental quality, the common-access problem has been addressed by federal and state agencies through a standards-based approach, rather than through the enforcement of tradable property… CONTINUE READING

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