Designing more efficient markets: lessons from Los Angeles smog control
Article Abstract:
The newly developed market for air pollution permits in Los Angeles, CA does not possess the characteristics of a classically efficient market because of significant transaction costs, the imperfect substitutability of different permits and other factors. The emission reduction credits possessed by different businesses can be location-specific and possess different characteristics. Banking of credits has not promoted efficiency because of regulatory restrictions. In the continuing development of this regulatory scheme, greater attention needs to be placed on promoting market efficiency.
Publication Name: Journal of Law and Economics
Subject: Law
ISSN: 0022-2186
Year: 1995
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The lessons of law-and-development studies
Article Abstract:
The crisis in law-and-development studies reflects a more general crisis in the West, a loss of faith in Western ideals and institutions. Although law-and-development theory is based on Western concepts and concerns, many theorists have self-defeatingly blamed the West for the problems of developing countries. The law-and-development movement arose out of the demise of modernization theory and was influenced by Marxist dependency theory. Law-and-development theory has shown the importance as well as the limitations of the rule of law for economic and political development.
Publication Name: American Journal of International Law
Subject: Law
ISSN: 0002-9300
Year: 1995
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The Texaco oil refinery explosion - lessons for industry
Article Abstract:
The explosions and fires at the Texaco oil refineries at Pembroke, Mill Haven, England caused great damage to the site and injured 26 people, and this accident prompted the biggest accident investigation ever undertaken by the HSDE. Previous accident investigations have found coincidental failings to be the cause, and this accident was no exception. Lightning started a fire in the process unit, but the explosion was caused by a subsequent failure to manage plant upsets safely. Extensive safety procedures were instituted afterwards and are described.
Publication Name: Health and Safety Bulletin
Subject: Law
ISSN: 1358-2208
Year: 1997
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