Academic Article/Working Paper
Grandfathering has become a common practice in regulating industries like coal power generation. But it is not clear that phasing out polluting plants is beneficial. The costs of retrofitting existing plants to comply with new standard can be higher than the compliance costs for a new plant. Since the costs of shifting to new technology must be borne at some point, (since granfathering can’t be indefinite) it might be best not to grandfather at all so that society can benefit from lower pollution levels earlier. That’s just one of the arguments examined in this working paper.
How Carbon Pricing Can Open the Floodgates of Private Investment in Clean Energy
Unlocking the Green Economy: How Carbon Pricing Can Open the Floodgates of Private Investment in Clean Energy calls for the Obama Administration to implement carbon pricing as a necessary step to transition to a green U.S. economy.
Navigating the Perfect Storm of Economic, Environmental, and Energy Challenges
The Cost-Benefit Compass: Navigating the Perfect Storm of Economic, Environmental, and Energy Challenges discusses how the next administration can use cost-benefit analysis to address the three great interrelated challenges facing the country.
How Cost-Benefit Analysis Can Better Protect the Environment and Our Health
In Retaking Rationality: How Cost-Benefit Analysis Can Better Protect the Environment and Our Health (Oxford University Press, 2008), Dean Richard L. Revesz and Michael A. Livermore argue for a more rational approach to cost-benefit analysis and regulation. They show how traditional cost-benefit analysis tends to overestimate costs and underestimate benefits, leading to less-than-optimal levels of regulation.
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