Econ 467

The lecture notes cover the following: 1. How do tradable permit systems work in theory and in the real world? 2. What happens under a tradable permit system?

The document covers the following: 1. How do we model our problems going forward? 2. What are the different kinds of standards in theory and the real world? 3. What happens under a standard?

The documents cover the following questions: 1. Can we achieve an efficient outcome without government intervention? 2. What does the Coase theorem say? 3. What are the limits to Coasean bargaining?

What are market failures? When do they happen? What are the consequences?

What's enviro econ? First, what is economics? Economics: the study of how agents (people, firms, etc) make choices with scarce resources and the social results of these choices Everything is scarce compared to wants and needs. We need to choose among alternatives and make trade-offs. These ideas can be applied to the environment.

The document covers emission taxes from environmental emission. 1. What are the different kinds of price instruments in theory and the real world? 2. What happens under a tax?