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11-Jun-2008
When they are applied in a practical setting, environmentally related taxes and tradable permit systems often differ from simple text-book recommendations that only focus on economic efficiency. This note, prepared by Prof. Stephen Smith of University College, London, contains both a theoretical discussion of “real-world” constraints on policy formulation, and an empirical discussion of the Climate Change Levy vs. the domestic greenhouse gas trading system in the UK, as well as of the Landfill tax vs. the Landfill allowance trading system applied in the same country.
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