@article{ref1,
title="Regulation by prices, quantities, or both: a review of instrument choice",
journal="Oxford review of economic policy",
year="2006",
author="Hepburn, Cameron",
volume="22",
number="2",
pages="226-247",
abstract="Choosing appropriate policy instruments is an important part of successful regulation. Once objectives are agreed and suitable targets adopted, policy-makers can employ command-and-control regulation and/or economic instruments, and choose between fixing a price or a quantity. This paper examines the relative advantages of price, quantity, and hybrid instruments according to: their efficiency under uncertainty; the trade-off between credible commitment and flexibility; implementation; international considerations; and political economy. Various illustrations of the theory are provided, with two detailed applications to climate change and transport policy, specifically congestion and 'safety pricing'.<p /><p>Language: en</p>",
language="en",
issn="0266-903X",
doi="10.1093/oxrep/grj014",
url="http://dx.doi.org/10.1093/oxrep/grj014"
}