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Moving to Markets in Environmental RegulationLessons from Twenty Years of Experience$
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Jody Freeman and Charles D. Kolstad

Print publication date: 2006

Print ISBN-13: 9780195189650

Published to Oxford Scholarship Online: January 2007

DOI: 10.1093/acprof:oso/9780195189650.001.0001

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 A Proposal to Use Transactions to Leverage Environmental Disclosure and Compliance

 A Proposal to Use Transactions to Leverage Environmental Disclosure and Compliance

(p.420) 15 A Proposal to Use Transactions to Leverage Environmental Disclosure and Compliance
Moving to Markets in Environmental Regulation

Michael B. Gerrard

Oxford University Press

This essay proposes an information disclosure mechanism as a means of encouraging firms to comply with a variety of environmental laws. It argues that requiring environmental studies at the moment of property transfer could encourage compliance more than the traditional prescriptive approach. Such disclosure requirements are treated as market-based instruments because they take the characteristics of the property market into account when adjusting incentives, inducing buyers and sellers to move toward compliance when it is in their economic interest to do so, rather than in response to a legal mandate. The essay provides an overview of CERCLA's liability scheme, noting that it has led to improved practices for the generation, handling, and cleanup of hazardous waste, and has also established a precedent for imposing requirements on buyers and sellers at the moment of property transfer.

Keywords:   environmental policy, information disclosure, market-based instruments, CERCLA, liability

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