Modeling Transactions Costs in a Regional Transferable Discharge Permit System for Phosphorus Runoff
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This paper examines the construction and implementation of a regional transferable
discharge permit system for phosphorus runoff from agricultural-related sources. The impact
on behavior at the firm level is also examined. Results indicate that firms may respond to
binding environmental constraints by both engaging in the trade of discharge permits and
decreasing the output that can cause phosphorus runoff. The criticisms within the literature
of building transferable discharge permit systems that ignore transactions costs are also
addressed.