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Regulation of Stock Externalities with Learning

We study the situation where firms' actions contribute to a stock externality. The regulator and firms have asymmetric information about serially correlated (abatement) costs. With price-based policies such as taxes, the regulator learns about the evolution of both stock and costs. This ability to learn is important in determining the ranking of taxes and quotas, and in determining the value of a feedback rather than an open-loop policy.