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991.
Optimal Timing of Climate Change Policy: Interaction Between Carbon Taxes and Innovation Externalities 总被引:2,自引:1,他引:2
Reyer Gerlagh Snorre Kverndokk Knut Einar Rosendahl 《Environmental and Resource Economics》2009,43(3):369-390
This paper addresses the impact of endogenous technology through research and development (R&D) on the timing of climate change
policy. We develop a model with a stock pollutant (carbon dioxide) and abatement technological change through R&D, and we
use the model to study the interaction between carbon taxes and innovation externalities. Our analysis shows that the timing
of optimal emission reduction policy strongly depends on the set of policy instruments available. When climate-specific R&D
targeting instruments are available, policy has to use these to step up early innovation. When these instruments are not available,
policy has to steer innovation through creating demand for emission saving technologies. That is, carbon taxes should be high
compared to the Pigouvian levels when the abatement industry is developing. Finally, we calibrate the model in order to explore
the magnitude of the theoretical findings within the context of climate change policy.
相似文献
992.
Nesha Beharry-Borg David A. Hensher Riccardo Scarpa 《Environmental and Resource Economics》2009,43(1):95-117
This paper offers an analytical framework for analyzing joint and separate decisions by couples in the context of choice experiments
for nonmarket valuation. It reports results from an attribute-based stated preference study in which members of couples are
asked to conduct a choice-experiment first individually and then jointly. The choice context was the selection of which beach to visit while on vacation in Tobago. Available alternatives differed
in attributes related to coastal water and beach quality such as level of coastal development and fish abundance. Tests of
preference equality are reported and structured so as to identify the intra-couple decision-making patterns under taste heterogeneity
with both finite and continuous mixed logit. Results from the latter suggest that women’s preferences are found to be predominant
in the joint choice-experiment. Results suggest caution in using individual choice rather than joint couple choice when valuing
quality changes impacting on couple activities, such as water and beach quality in Tobago, and call for further research on
the topic. 相似文献
993.
We estimate quarterly cointegrating vector autoregressive models for the Eurozone and the USA based on long-run restrictions
derived from a dynamic open economy model. Three long-run relations between the Eurozone and the USA emerge: relative purchasing
power parity, international interest parity and a stationary output gap between the two economies. Generalized impulse response
functions show differences in the dynamic adjustment of the two economies. Due to the I(1)-characteristic of both output series
and the stability conditions imposed by the long-run equilibrium relationships, shocks to the model produce level effects
only, while growth rates converge to their long-run averages.
相似文献
Thomas UrlEmail: |
994.
In an economy with private information, we introduce the notion of objects of choice as lists of bundles out of which the
market selects one for delivery. This leads to an extension of the model of Arrow–Debreu that is used to study trade ex ante with private state verification. Under the assumption that agents are prudent, equilibrium is characterized by the fact that agents consume bundles with the same utility in states that they do not distinguish.
This is a weaker condition than the restriction of equal consumption imposed by Radner (Econometrica 36(1), 31–58, 1968),
therefore, some no trade situations are avoided and the efficiency of trade increases. 相似文献
995.
Jorge H. García Shakeb Afsah Thomas Sterner 《Environmental and Resource Economics》2009,42(2):151-168
This paper analyzes differences in firms’ responsiveness to PROPER, Indonesia’s public disclosure program for industrial pollution
control. The overall effectiveness of this program at achieving emissions reductions and its low regulatory costs have earned
it a good reputation around the world. PROPER had no deterrents or incentives other than those that arose indirectly from
publicly disclosing information about the environmental performances of firms. We analyzed plant-level data to relate short-
and longer-term environmental responses to facility characteristics. The results revealed that foreign-owned firms were consistently
more likely to respond to the environmental rating scheme, compared to private domestic firms. This is a clear and important
insight with consequences for a number of issues, such as understanding the pollution haven debate. Also, firms located in
densely populated regions, particularly in Java, responded more positively to the public disclosure of PROPER ratings. The
main observed effect was however given by the initial level of environmental performance of firms. Those firms that had bad
environmental performance records felt pressure to improve, but if the initial abatement steps had already been taken, the
incentives to improve further appeared to diminish. 相似文献
996.
We examine whether the payoff dominant sequential-move (Stackelberg) outcome is realized when timing is endogenized. We adopt
the observable delay game formulated by Hamilton and Slutsky [Games Econ Behav 2(1):29–46, 1990]. We find that if one sequential-move
outcome is payoff dominant, either (i) the outcome both players prefer is the unique equilibrium; or (ii) two sequential-move
outcomes are equilibria and the one both players prefer is risk dominant. In other words, no conflict between payoff dominance
and risk dominance in the observable delay game exists, in contrast to other games such as (non pure) coordination games.
We also find that even if one of two sequential-move outcomes is the unique equilibrium outcome in the observable delay game,
it does not imply that the equilibrium outcome is payoff dominant to the other sequential-move outcome.
相似文献
997.
U.S. states can implement programs to pursue damage recovery when firms cause natural resource damages (NRDs). We present
new empirical evidence that such programs have effectively reduced oil spills in states that adopt them. However, only 34
states had implemented such programs by 2003. We analyze data on 50 states and the District of Columbia from 1980 to 2003
to ascertain the likely determinants of NRD program adoption. We find that states with many environmental accidents adopt
programs more rapidly, while income and interest-group pressure have no significant impact on the process. While non-adopting
states might benefit from such programs, at least NRD programs are being adopted most rapidly where they can do the most good.
相似文献
998.
Francesco Venturini 《Empirical Economics》2009,37(3):497-515
This paper examines the growth impact of digital capital in the US and the EU-15 countries from a long-run perspective. It
estimates the elasticity of output with respect to Information and Communication Technology (ICT) within a production function
framework, by means of a panel cointegration analysis. ICT capital is found to significantly spur GDP growth over time, and
above its income share. This sharply contrasts with existing aggregate evidence, and with the view that the growth impact
of this factor is confined to the contribution given to the productivity resurgence of the 1990s. 相似文献
999.
In a successive Cournot oligopoly, we show the welfare effects of entry in the final goods market with no scale economies
but with cost difference between the firms. If the input market is very concentrated, entry in the final goods market increases
welfare. If the input market is not very concentrated, entry in the final goods market may reduce welfare if the entrant is
moderately cost inefficient. Hence, entry in the final goods market is more desirable if (1) the input market is very concentrated
or (2) the cost difference between the incumbents and the entrant is either very small or very large. It follows from our
analysis that entry increases the profits of the incumbent final goods producers if their marginal costs are sufficiently
lower than the entrant’s marginal cost. 相似文献
1000.
This paper examines the effect of a consumption tax on economic growth using an overlapping generations (OLG) model with money
holdings. We show that the neutrality of the consumption tax does not hold in the money-in-the-utility-function model, because
a change in consumption taxation induces the substitution of money holdings for consumption, and the money is the net wealth
within the OLG structure. An increase in the consumption tax rate lowers (raises) the growth rate under a low (high) monetary
expansion rate. On the other hand, in the cash-in-advance model and the money-in-the-production-function model, the neutrality
of consumption taxation holds even within the OLG structure, because in these models there is no substitution of consumption
and money holdings. 相似文献