文章基本信息

标题：Taxes Versus Quantities for a Stock Pollutant with Endogenous Abatement Costs and Asymmetric Information
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作者：Karp, Larry S. ; Zhang, Jiangfeng
期刊名称：Journal of Agribusiness
印刷版ISSN：0738-8950
出版年度：2008
出版社：Journal of Agribusiness
摘要：Non-strategic firms with rational expectations make investment and emissions decisions. The investment rule depends on firms’ beliefs about future emissions policies. We compare emissions taxes and quotas when the (strategic) regulator and (nonstrategic) firms have asymmetric information about abatement costs, and all agents use Markov Perfect decision rules. Emissions taxes create a secondary distortion at the investment stage, unless a particular condition holds; emissions quotas do not create a secondary distortion. We solve a linear-quadratic model calibrated to represent the problem of controlling greenhouse gasses. The endogeneity of abatement capital favors taxes, and it increases abatement.
关键词：Pollution control;Investment;Asymmetric information;Rational expectations;Choice of instruments