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Market Instruments for the Sustainability Transition
Annual Review Environment and Resources
This review examines environmental market instruments-policies that pursue environmental or conservation goals by modifying conditions in existing markets or creating new ones, thereby providing flexibility and incentives for decentralized responses. We review these instruments' theoretical basis, historical development, major current enactments and proposals, and empirical studies of their effects. We consider experience with these instruments in the context of the increased demands that maydoi:10.1146/annurev-environ-061311-111640 fatcat:hkq4wtduvjhkjoexcsknl5u6ga