An Introduction to the Law and Economics of Environmental Policy emphasises the importance of institutional design in addressing social problems. Three important issues concerning institutional design are: bull; policies bull; instruments bull; enforcement This volume surveys each of the issues, and emphasises the common themes arising in optimal institutional design. These themes include the cost of complex institutional design, and the role of private institutions attaining social objects. This book will be particularly useful to Law Schools, Departments of Government, Policy or Economics, Environmental Managers and Insurance Companies.

List of Contributors

ix

Series Editor's Preface

xi

Introduction

1

(26)

Timothy Swanson

SECTION A: THE LAW AND ECONOMICS OF ENVIRONMENTAL POLICY MAKING

PART 1: OPTIMAL PROCEDURE FOR POLICY MAKING

The Aarhus Convention and the Politics of Process: The Political Economy of Procedural Environmental Rights

27

(44)

Susan Rose-Ackerman

Achim A. Halpaap

Comment

65

(6)

Farhana Yamin

PART 2: OPTIMAL INFORMATION FOR POLICY MAKING

Environmental Regulatory Decision Making Under Uncertainty

71

(64)

Richard B. Stewart

Comment

127

(8)

Richard O. Zerbe, Jr.

PART 3: OPTIMAL USE OF ECONOMICS IN POLICY MAKING

Can Law and Economics Stand the Purchase of Moral Satisfaction?

135

(42)

Richard O. Zerbe, Jr.

Comment

173

(4)

Andreas Kontoleon

Individual Preference-Based Values and Environmental Decision Making: Should Valuation Have Its Day in Court?

177

(46)

Andreas Kontoleon

Richard Macrory

Timothy Swanson

Comment

215

(8)

Richard B. Stewart

SECTION B: THE LAW AND ECONOMICS OF INSTRUMENT CHOICE AND DESIGN

PART 1: OPTIMAL INSTRUMENT CHOICE

Toward a Total-Cost Approach to Environmental Instrument Choice

223

(22)

Daniel H. Cole

Peter Z. Grossman

Comment

243

(2)

Anthony Ogus

The Choice of Instruments for Environmental Policy: Liability or Regulation?

245

(38)

Marcel Boyer

Donatella Porrini

Comment

269

(14)

Michael Faure

PART 2: OPTIMAL INSTRUMENT DESIGN

Environmental Damage Insurance in Theory and Practice

283

(48)

Michael Faure

Comment

329

(2)

James Boyd

The Design of Marketable Permit Schemes to Control Local and Regional Pollutants

331

(56)

Jonathan Remy Nash

Richard L. Revesz

Comment

379

(8)

Daniel H. Cole

SECTION C: THE LAW AND ECONOMICS OF COMPLIANCE AND ENFORCEMENT

PART 1: OPTIMAL MONITORING INSTITUTIONS

Monitoring for Latent Liabilities: When is it Necessary and Who Should Do It?

387

(30)

Timothy Swanson

Robin Mason

Comment

413

(4)

Anthony Heyes

Financial Responsibility for Environmental Obligations: Are Bonding and Assurance Rules Fulfilling Their Promise?

417

(76)

James Boyd

Comment

487

(6)

Donatella Porrini

PART 2: OPTIMAL ENFORCEMENT

Pollution and Penalties

493

(26)

Anthony Ogus

Carolyn Abbot

Comment

517

(2)

Richard L. Revesz

Eight Things about Enforcement That Seem Obvious but May Not Be

519

(20)

Anthony G. Heyes

Comment

539

Timothy Swanson

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