Economic Incentives for Environmental Regulation
Nearly all environmental policies consist of two components, either explicitly or implicitly: the identification of an overall goal (such as a degree of air quality) and some means to achieve that goal. This essay considers the second component, the means
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PALGRAVE DICTIONARY OF
ECONOMICS AND THE LAW
THE NEW
PALGRAVE DICTIONARY OF
ECONOMICS AND THE LAw EDITED BY
PETER NEWMAN
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ISBN 978-0-333-997S6-7 ISBN 978-1-349-74173-1 (eBook) DOI 10.1007/978-1-349-74173-1 The New Palgrave Dictionary of Economics and the Law
Edited by Peter Newman, in three volumes . Cambridge, MA: Harvard University Press. Ely, R.T. 1914. Proper/)' and Coil/rae/ in Their Relations to the Distribution of" Wealth. 2 vols, New York: Macmillan; reprinted Port Washington, NY: Kennikat Press, 1971. Grossman, S. and Hart, 0. 1986. The costs and benefits of ownership: a theory of vertical and lateral integration. Journal of"Politiwl Economy 94: 691-719. Kuhn, T.S. 1962. The Strut"ture (){Scientific Revolutions. Chicago: University of Chicago Press; 2nd edn, 1970. Langlois, R.N. (cd.) 1986. Et"onomi 78: 1313-95. Turner, D. 1968. In Stanley Robinson, New York State Bar Association, Antitrust Symposi urn. US Department of Justice. 1984. Merger Guidelines. Reprinted in 4 Trade Reg. Rep. (CCH) '1Jl3, 103.
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US Department of]ustice and Federal Trade Commission. 1992. Hori::;ontal Merger Guidelines, reprinted in 4 Trade Reg. Rep. (CCH) 'IJI3, 104. US Department of Justice and Federal Trade Commission. 1995 . . 4ntitrust Guidelines fin· the Lia11Sing of Intellatual Proper()', April 6, 1995, reprinted in 4 Trade Reg. Rep. (CCH) 'IJI3, 132 . Weiss, L. 1974. The concentration-profits relationship and antitrust law. In Industrial Crmcmtratirm: The Nem Leaming, ed. H. Goldschmid, H.M. Mann and ].F. Weston (Boston: Little Brown & Co.): 184-232. Whiting, R. 1986. R-P: may it rest in peace. Antitrust Bulletin 31: 711-32. Williamson, 0. 1968. Wage rates as a barrier to entry: the Pennington case in perspective. Quarter()' Journal of&onomics 82: 85-116. Williamson, 0. 1985. The Ewnomic Imtitutions of' Capitalism. New York: Free Press.
arbitration. In an arbitration proceeding the disputing parties present their cases to a third party for a binding decision. Although less formal, the setting and procedures are similar to those used in the resolution of a civil case in a court. Arbitration differs from the settlement of disputes in a court room in two ways, however: First, the parties typically play a role in the selection of the third party who determines the outcome. Second, the parties must specify in advance the nature of disputes that will be resolved by arbitration. Typically, the parties also specify the nature of the arbitration system that will be used. In short, unlike what might occur in a court room, under arbitration the parties have considerable control over the design of the system that will be used to resolve their disputes.
It is rarely worth specifying the contractual obligations in an ongoing agreement so completely as to cover every contingency. This means that disputes may arise in any ongoing relationship. When the parties have made specific investments that cannot be recaptured, it will often be the case that the consequences of an unresolved dispute are cos