We all know bootleggers and Baptists rarely see eye to eye. Ask one group and its members will probably tell you they despise the other group. Yet, when it comes to government regulation, both bootleggers and Baptists work together. Prof. Bruce Yandle explains that this happens because both groups actually desire the same outcome. The Baptists benefit, for example, from laws that make the sale of alcoholic beverages illegal on Sundays. Bootleggers benefit because now they can sell alcohol on Sundays. Groups who would never meet together but both desire the same outcome can often be found upon closer examination of many government regulations. Prof. Yandle demonstrates how environmental regulations fit into the bootlegger-Baptist theory.
Abstract Environmental markets are widely prescribed as an alternative to open access regimes for natural resources. We develop a model of dynamic groundwater extraction to…
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