Market-based approaches to environmental policies, like energy taxes and tradable permits, are cost effective since all participants face the same prices for energy. These approaches can also generate substantial government revenues that can be used to reduce other taxes, improve economic performance, and enhance environmental quality. Market-based policies affect the economic decisions of millions of firms and households. These policies are evaluated in terms of their effects on individual and social welfare. The welfare indicators are accompanied by confidence intervals with associated probabilities that provide measures of uncertainty.
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