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| Tekijä: | Hennessy, D. Roosen, J. |
| Otsikko: | Stochastic pollution, permits, and merger incentives |
| Lehti: | Journal of Environmental Economics and Management
1999 : MAY, VOL. 37:3, p. 211-232 |
| Asiasana: | ENVIRONMENTAL ECONOMICS MANAGEMENT POLLUTION |
| Kieli: | eng |
| Tiivistelmä: | Pollution permit regulations introduce nonlinearities into the objective function of a polluting firm. The authors develop a microeconomic model to show the effects these nonlinearities might have upon firm decisions when emissions are stochastic. Under perfect competition the fraction of planned pollution covered by permits is shown to be separable from planned production. The authors also demonstrate that permit management incentives may motivate a merger of otherwise independent firms. |
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