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Record 1,  Textual support,  English

Record number: 1, Textual support number: 1 DEF

Instrument proposed by John Dales and based on the principle that, since environment policy cannot be grounded on equalizing the marginal social cost of pollution with the marginal social benefit of abating pollution (theses functions being almost impossible to ascertain), standards of environmental quality are decided on by the government authorities. A quality standard can be defined with reference to the degree of accepted pollution corresponding to a given quantity of pollutant discharged per unit of time (for example, one year). One can then imagine this annual total quantity of pollutant being represented by bonds which would really be pollution rights. The bonds could be put on sale by the public sector in an actual market for pollution rights. These rights would be negotiable and sold at prices determined by supply and demand.  1, record 1, English, - auction%20of%20pollution%20rights

Record 1,  Textual support,  French

Record number: 1, Textual support number: 1 OBS

Dans la mesure où l'environnement est un bien collectif, il peut apparaître choquant de le mettre ainsi aux enchères, c'est-à-dire vendre à une minorité le droit de nuire à la majorité.  1, record 1, French, - bourse%20des%20droits%20de%20pollution

Record number: 1, Textual support number: 2 OBS

C'est le volume de transactions qui détermine s'il s'agit d'une simple vente aux enchères locale ou d'une véritable bourse qui intéresse les entreprises de toute une région ou de tout un pays (celle de Chicago en est un exemple récent).  2, record 1, French, - bourse%20des%20droits%20de%20pollution

Record 1,  Textual support,  Spanish