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| Jou, Jyh-Bang. |
| The present article investigates the use of performance standards to correct environmental externalities. Each firm in an industry emits waste in the production process, and, in turn, the average waste emissions of the industry adversely affect the firm's productivity. The firm, which incurs sunk costs when employing capital to abate waste emissions, is uncertain about the efficiency of capital. The firm will underestimate environmental externalities and will therefore pollute more than is socially efficient. To correct this tendency, the regulator can set a limit on either emissions or the emission‐output ratio at the socially efficient level. The firm will invest more, produce more, and pollute less when the regulator implements the former than when the... |
| Tipo: Journal Article |
Palavras-chave: Environmental Economics and Policy. |
| Ano: 2004 |
URL: http://purl.umn.edu/117864 |
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| Jou, Jyh-Bang; Lee, Tan. |
| This article compares the effects of various fiscal policies on choices of development timing and capital intensity when rents on housing follow geometric Brownian motion with those when rents follow arithmetic Brownian motion. These policy instruments include fees on capital, housing, and land, and taxes on urban income, and properties both before and after development. Regardless of the motion of rents, when one choice is fixed, the effects of these policy instruments on the other choice are qualitatively the same. When the two choices are determined endogenously, although these policy instruments exhibit the same qualitative effect on the choice of development timing, they may exhibit different effects on the choice of capital intensity if rents on... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Capital intensity; Development Timing; Fees; Taxation; Real Options; International Development; G13; H21; H23; R52. |
| Ano: 2007 |
URL: http://purl.umn.edu/10352 |
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