ABSTRACT:One of the principal stumbling blocks to regulatory agencies' adopting pollutant trading schemes is the complex of uncertainties surrounding any change in institutions. This is especially true if nonpoint pollution sources are to be involved along with point sources. Regulators are understandably reluctant to switch from tried‐and‐true point source permit systems, even if trading schemes can be shown (on paper, at least) to result in lower public expenditures. We propose a set of practical criteria for point‐nonpoint pollutant trading systems that promise to increase regulators' confidence that the new system will be equally effective in controlling pollution and at the same time more likely to capture efficiencies in pollution reduction prac
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