Abatement R&D,market imperfections,and environmental policy in an endogenous growth model |
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| Institution: | 1. Institute of Economics, Academia Sinica, Taiwan;2. Department of Economics, National Cheng Chi University, Taiwan;3. Institute of Economics, National Sun Yat-Sen University, Taiwan;4. Department of Economics, Feng Chia University, Taiwan;1. University Paris Ouest Nanterre la Défense, EconomiX and Climate Economics Chair. Building G, office 604b, 200 av. de la République, 92001 Nanterre cedex, France;2. Aix-Marseille University (Aix-Marseille School of Economics), CNRS-GREQAM and EHESS, Centre de la Vieille Charité, 2 rue de la Charité, 13236 Marseille Cedex 02, France;1. University of Liverpool Management School, University of Liverpool, UK;2. Institute of Economics, Academia Sinica, Taipei, Taiwan;3. Department of Economics, National Cheng Chi University, Taipei, Taiwan;4. Institute of Economics, National Sun Yat-Sen University, Kaohsiung, Taiwan;5. Department of Economics, Chinese Culture University, 55, Hwa-Kang Road, Yang-Ming-Shan, Taipei, Taiwan;1. Dipartimento di Economia e Finanza, Universitá degli Studi di Roma Tor Ver-gata, Via Columbia 2, 00133 Roma, Italy;2. Dipartimento di Economia e Impresa, Universitá degli Studi della Tuscia, Italy;3. Sogei S.p.a. – IT Economia – Modelli di Previsione ed Analisi Statistiche, Italy;1. Paris School of Economics - University Paris 1 Panthéon-Sorbonne, Centre d′Economie de la Sorbonne, 106-112 Bd de l′Hôpital, 75647 Paris Cedex 13, France;2. LEO - University of Orléans - Paris School of Economics, Faculté de Droit - Economie - Gestion, Rue de Blois, 45000 Orléans, France;1. University of Liverpool Management School, University of Liverpool, United Kingdom;2. Department of Economics, University of St. Gallen, Switzerland;3. School of Economics, Chukyo University, Nagoya, Japan |
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| Abstract: | We develop an endogenous growth model featuring environmental externalities, abatement R&D, and market imperfections. We compare the economic performances under three distinct regimes that encompass public abatement, private abatement without tax recycling, and private abatement with tax recycling. It is found that the benefit arising from private abatement will be larger if the degree of the firms’ monopoly power is greater. With a reasonably high degree of monopoly power, a mixed abatement policy by which the government recycles environmental tax revenues to subsidize the private abatement R&D is a plausible way of reaching the highest growth rate and welfare. |
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| Keywords: | Private abatement R&D Market imperfections Endogenous growth |
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