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Abstract

Pollution reduces society's welfare, and efforts to minimise it may be costly. The "polluter pays" principle can be used to determine optimum levels where marginal gains of abatement equal marginal cost. It is possible to involve insurance for this purpose; there are reasons to expect pollution insurance to be more efficient than most other proposals. However, compulsion is needed for such a market to develop, and to forestall non-insurance and default by polluters.

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