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Externality-correcting taxes and regulation

Christiansen, V.; Smith, S.; (2009) Externality-correcting taxes and regulation. (The IFS Working Papers W09/16). Institute for Fiscal Studies: London, UK. Green open access

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Abstract

Much of the literature on externalities has considered taxes and direct regulation as alternative policy instruments. Both instruments may in practice be imperfect, reflecting informational deficiencies and other limitations. We analyse the use of taxes and regulation in combination, to control externalities arising from individual consumption behaviour. We consider cases where taxes are either imperfectly differentiated to reflect individual differences in externalities, or where some consumption escapes taxation. In both cases we characterise the optimal instrument mix, and show how changing the level of direct regulation alters the optimal externality tax.

Type: Working / discussion paper
Title: Externality-correcting taxes and regulation
Open access status: An open access version is available from UCL Discovery
Publisher version: http://www.ifs.org.uk/publications/4622
Language: English
Keywords: Externalities, Pigouvian taxes, regulations
UCL classification: UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of S&HS > Dept of Economics
URI: https://discovery.ucl.ac.uk/id/eprint/18270
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