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Many environmental problems are due to damage caused by pollutants that accumulate with a time lag following their emission. In this study, we focus on nitrates used in agriculture, which can pollute groundwater many years after their initial application. A dynamic optimal control problem with heterogeneous farmers is proposed. The usual structural parameters such as the discount rate, the natural clearing rate and the lagged time interval between the occurrence of soil‐level pollution and the impact on groundwater are taken into account. We also examine pollution as caused by a continuous set of farms characterised by their individual performance index and by their individual marginal contribution to the pollution. The issue is further investigated by taking account of change in the information context, successively related to perfect information and to asymmetric information. As a result, when the delay between the spreading of N‐fertilizer and the impact on the aquifer increases, that is, the longer the lag, the steady‐state pollution stock and the steady‐state shadow price of the stock both increase. Moreover, we show that the optimal regulation may require a decreasing amount of fertilizer over time, even in the case of initial underpollution.  相似文献   
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The amount and type of economic-education training teachers receive have predictable effects on the teachers' optimism about the future of the American economic system.  相似文献   
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Corporatisation and Corporate Governance in China's Economic Transition   总被引:3,自引:0,他引:3  
China has sought to improve enterprise performance not through privatisation as in other transition economies, but through corporatisation as means of improving corporate governance. Actual governance practices of corporatised Chinese firms are however seriously defective, characterized by excessive power of CEOs, insider control and collusion, lack of safeguards for minority shareholders and weak transparency. These shortcomings are attributable to factors such as cultural and political traditions, uncompetitiveness of markets, poor legal enforcement, weak debt and equity markets, but above all to continued state dominance in ownership and control of the corporate sector and listed companies. Corporatisation, nevertheless, has created a regime conducive to implementing measures for improving corporate governance.  相似文献   
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Channel systems for conducting monetary policy are becoming increasingly popular. Despite its popularity, the consequences of implementing policy with a channel system are not well understood. We develop a general equilibrium framework of a channel system and study the optimal policy. A novel aspect of the channel system is that a central bank can “tighten” or “loosen” its policy without changing its policy rate. This policy instrument has so far been overlooked by a large body of the literature on the optimal design of interest-rate rules.  相似文献   
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Payments are increasingly being made with payment cards despite the fact that the cost of clearing a card payment usually exceeds the cost of transferring cash. We examine this puzzle through the lens of monetary theory. We consider the design of an optimal card-based payment system when cash is available as an alternative means of payment. We find that a feature akin to the controversial “no-surcharge rule” may be necessary to ensure the viability of the card payment system. This rule states that merchants cannot charge a customer who pays by card more than a customer who pays by cash.  相似文献   
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1. All individual labour relations disputes arising out of breach of contract of employment including unfair dismissal should be capable of being settled by the relatively rapid, inexpensive and informal procedures of the industrial tribunals with further appeal on points of law; 2. The minimum condition of legal recognition for the closed shop should be the effective strengthening in law of protection for the individual union member or prospective member, subject to discretion concerning ‘disruptists7rsquo; 3. In the central area of collective labour relations, the following policy suggestions are made: a) criminal or civil sanctions against individual employees are impractical and best forgotten. Sanctions can only be realistically considered in relation to leaders and organisations; b) the objective for a rational law of strike action (or other forms of direct action) should be limited if it is to be realistic, i.e., not the chopping down of managerial or trade union or shop floor power but insistence on a reasonable degree of orderliness and time for second thoughts in the run up to direct action; c) it is an ancient truth that only fair and reasonable laws will command respect. Disputes procedures are a kind of quasi-law. To command respect and to justify sanctions for its breach, a disputes procedure should be independently certificated as fair and reasonable in accordance with modern labour relations standards. The C.I.R. is at present the obvious body in which to vest this certificating power; d) where adequate procedures and principles are provided by the law to deal with an identified class of industrial dispute, the use of private power, including private collective power, to impose a solution should be legally discouraged.  相似文献   
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