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realisticidealist
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« on: March 16, 2015, 02:47:09 AM » |
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« edited: March 16, 2015, 01:04:54 PM by realisticidealist »
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There is a ton of literature in environmental economics about this exact issue. The short answer to which is more effective and efficient is that it depends; there are scenarios when either would be more preferable than the other. The biggest issue is how they behave under uncertainty and imperfect information regarding either environmental damages or abatement costs, along with elasticity of those functions and the correlation between the two.
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