Economics Research Institute Study Paper
Utah State University Department of Economics
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The process of environmental regulation is usually a two-step one. In the first step, a standard for environmental quality is set. Then, in the second step, a regulatory mechanism is put in place to achieve the standard. In this paper I show how renewal theory can be used to set the quality standard optimally.
Batabyal, Amitrajeet A., "A Renewal Theoretic Approach to Environmental Standard Setting" (1995). Economic Research Institute Study Papers. Paper 61.