MARKET FAILURES AND POLICY RESPONSES

Richard Sandor, Murali Kanakasabai, Rafael Marques and Nathan Clark

Chapter 2 in Sustainable Investing and Environmental Markets:Opportunities in a New Asset Class, 2014, pp 15-34 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Economic theories and concepts are needed to understand the role of markets in addressing pollution. This chapter analyzes environmental problems from the perspective of market failure, explores several solutions to environmental problems, and provides numerical examples to better illustrate the advantages of some of these solutions. A description on the evolution of markets in general and environmental markets in particular is also presented. While most people would agree that market-based solutions are superior to command-and-control measures, there is an ongoing debate regarding the desirability of market solutions versus taxes and subsidies.

Keywords: Environment; Emissions; Trading; Finance; Derivatives; Water; Energy; Carbon; Catastrophe; Weather; Sustainability; Fisheries; Greenhouse Gases; Sulfur Dioxide; Acid Rain; Clean Energy Markets (search for similar items in EconPapers)
Date: 2014
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