Question: 16. What is a cap and trade system? Conceptually, how does it resemble/differ from a conventional quantity regulation? Conceptually, how does it resemble/differ from a

16. What is a cap and trade system? Conceptually, how does it resemble/differ from a conventional quantity regulation? Conceptually, how does it resemble/differ from a pollution tax? Give an example of where cap and trade has been used? What do you know about the effectiveness of that deployment?

17. In what ways does Coase disagree with Pigou?

18. What does it mean for a polluter to be liable for harm caused by his emissions? What does it mean for him not to be liable for harm caused by his emissions? From Coase's perspective, what difference does it make for the economic efficiency of the outcome whether the existing law in a locality makes polluters liable or not liable for harm caused by their emissions?

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