Three Essays On The Theory Of Environmental Regulation
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Three Essays On Environmental Regulation
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Author : Subhadra Ganguli
language : en
Publisher:
Release Date : 2003
Three Essays On Environmental Regulation written by Subhadra Ganguli and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Air categories.
Three Essays On The Theory Of Environmental Regulation
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Author : Insung Son
language : en
Publisher:
Release Date : 2017
Three Essays On The Theory Of Environmental Regulation written by Insung Son and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
This dissertation contains three original essays in the economic theory of environmental regulation. The main motivations for this work are two problems: the design of greenhouse gas (GHG) policies when emissions of these gases interact with so-called co-pollutants and the design of hybrid price and quantity policies to deal with the uncertainty in the benefits and costs of controlling GHG emissions. Abstract Concerns about how best to control GHGs have generated intense interest in the co-benefits and adverse side-effects of climate policies. Efforts to reduce CO2 emissions can reduce emissions of flow pollutants that are emitted along with CO2, which provides a co-benefit of climate policy. However, it is not always the case that efforts to reduce CO2 emissions have positive co-benefits. The challenge of climate change has also intensified research in policy design under uncertainty about the benefits and costs of controlling GHG emissions. Literature on this problem suggest that a carbon tax is more efficient than carbon trading. However, given that many existing GHG control policies feature tradable permit markets, there have been a lot of interest and innovation in hybrid schemes. The most popular form of these hybrids involves tradable emissions permits with price controls. While there is a significant literature on designing hybrid price and quantity environmental regulations under uncertainty, and another literature on regulating multiple interacting pollutants, no one has addressed the design of an emission markets with price controls for a pollutant that interacts with a co-pollutant in emission control. In Chapter 2, we investigate the optimal regulation of a pollutant given its abatement interaction with another pollutant under asymmetric information about firms' abatement costs. The co-pollutant is regulated, but perhaps not efficiently. Our focus is on optimal instrument choice in this setting, and we derive rules for determining whether a pollutant should be regulated with an emissions tax, tradable permits, or an emissions market with price controls. The policy choices depend on the relative slopes of the damage functions for both pollutants and the aggregate marginal abatement cost function, including whether the pollutants are complements or substitutes in abatement and whether the co-pollutant is controlled with a tax or tradable permits. In Chapter 3, we extend the model in Chapter 2 by allowing a pollutant to interact with a co-pollutant in both abatement and damage. In this situation, we examine the expected performance of optimal price-based regulations for the primary pollutant. We find that, given exogenous but possibly inefficient regulation of a co-pollutant, an optimal permit market, an optimal tax, and an optimal permit market with price controls all produce the same expected emissions for the primary pollutant, which deviates from its ex ante optimal emissions if the co-pollutant is regulated inefficiently. This deviation depends on 1) the interactions of the two pollutants in abatement costs and damages, 2) the deviation of the expected emissions of the co-pollutant from its ex ante optimal emissions, and 3) whether it is regulated with a fixed number of tradable permits or an emissions tax. Another important concern about permit trading has been how much regulations induce investments in abatement capital or technology. As concern about cost containment has increased, the effects of cost-containment policies on abatement investments have gained attention among researchers. In Chapter 4 we examine the effects of a hybrid policy on investment in abatement capital. We construct a dynamic stochastic model to study the decision to invest in irreversible abatement capital under an emissions market with price controls. We consider investment decisions in an emissions market with price controls, and compare these to the decisions in a market without price controls. We found that a price floor tends to increase the opportunity of investment while a price ceiling always reduces the opportunity of investment by imposing an upper bound of investment intervals. Under a hybrid regulation there exists an upper bound of abatement capital stock such that no additional investment occurs. No such upper bound exists for a pure permit trading. On the other hand, there may exist investment opportunities for low marginal abatement costs under a hybrid policy that are not available under a pure permit trading. However, when investments are required under both regulations, increases in capital stock under a hybrid regulation are likely to be less than under pure permit trading.
Three Essays On Environmental Regulation
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Author : Craig Mitchell
language : en
Publisher:
Release Date : 1995
Three Essays On Environmental Regulation written by Craig Mitchell and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with Environmental law categories.
Three Essays On Energy And Environmental Economics Empirical Applied And Theoretical
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Author :
language : en
Publisher:
Release Date : 2014
Three Essays On Energy And Environmental Economics Empirical Applied And Theoretical written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
Essays On The Effects Of Environmental Regulation
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Author : Arundhati Nandy
language : en
Publisher:
Release Date : 1998
Essays On The Effects Of Environmental Regulation written by Arundhati Nandy and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with categories.
Three Essays On Environmental Social And Governance
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Author : Pang-Li Chen
language : en
Publisher:
Release Date : 2023
Three Essays On Environmental Social And Governance written by Pang-Li Chen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023 with Environmental management categories.
This dissertation seeks to deepen our understanding of environmental, social, and governance issues in finance. The first essay relates to the "E" component of ESG. It studies the consequences of an environmental reform that aims to make industrial land more redeployable by limiting purchasers' liability for past pollution. Existing research shows that strengthening liability for shareholders and creditors lessens their incentives to monitor the polluting firm, leading to worse environmental outcomes. Unlike shareholders and creditors, purchasers do not possess such "monitoring technology." However, purchaser liability can significantly affect corporate environmental activity by influencing the industrial land market. Thus, I investigate how purchaser liability influences industrial firms' pollution behavior in this essay. A fundamental concept in finance known as risk shifting suggests that companies engage in harm-shifting behavior when limited liability is more likely to bind. This means an inherent moral hazard problem is associated with financially distressed: distressed firms underinvest in pollution abatement because they are not responsible for the full cost of cleaning up environmental contamination. I conjecture that strengthening liability protection for purchasers mitigates this moral hazard problem by increasing the liquidity of industrial land. I empirically test this prediction using a difference-in-difference empirical design and detailed plant-level data. Consistent with this conjecture, I show that stronger liability protection for purchasers comes with substantial benefits of facilitating the trades of industrial land. Moreover, firms reduced pollution at treated plants following the reform. Importantly, the reduction is driven by financially distressed firms. My findings highlight a novel environmental benefit associated with reducing purchaser liability. The second essay studies the incentives of people that enforce environmental regulation. In particular, we explore how the government's incentive scheme impacts regulatory risk and pollution choices by regulated plants. We hypothesize that higher pay gaps between EPA attorneys and their superiors increase the monetary value of a promotion, which stimulates them to put more effort into enforcement activities. We test this prediction using a novel dataset on human resource data of all EPA attorneys between 1996 and 2016. We find that higher pay gaps among EPA attorneys increase the quantity and quality of enforcement cases. Moreover, we show that polluting firms respond to this heightened regulatory risk by reducing pollution and production. This paper highlights the cost and benefits of using the government's pay scheme to incentivize environmental regulators. The final essay relates to the "G" component of ESG. I show that boards rely on heuristics (i.e., rules-of-thumb) to allocate their monitoring efforts across their directorship firms. Classic theory on CEO turnover predicts that CEOs are more likely to be fired for performance when the board monitors the firm more intensely. Consistent with this prediction, I find that CEO turnover-performance sensitivity is positively associated with the fraction of directors for whom the current firm is the worst performer among their directorship firms. I argue this finding is consistent with boards using rank-dependent heuristics to allocate their monitoring effort. To bolster this interpretation, I show that directors are less likely to miss their worst-performing firm's board meetings compared to other directorship firms. Furthermore, the effect on CEO turnover-performance sensitivity is driven by board members responsible for monitoring the CEO, such as those sitting on monitoring committees. Finally, I show that relying on rank-dependent heuristics to allocate monitoring efforts leads to inefficient firing decisions. Overall, this essay documents an unknown cost of board interlock: firms that perform poorly relative to their director interlocks are subject to inefficient monitoring.
Three Essays On Environmental Policy And Institutions
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Author : Donald B. Marron (Jr.)
language : en
Publisher:
Release Date : 1994
Three Essays On Environmental Policy And Institutions written by Donald B. Marron (Jr.) and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with categories.
Fairness And Futurity
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Author : Andrew Dobson
language : en
Publisher: OUP Oxford
Release Date : 1999-04-01
Fairness And Futurity written by Andrew Dobson and has been published by OUP Oxford this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-04-01 with Political Science categories.
Fairness and Futurity: Essays on Environmental Sustainability and Social Justice brings together leading international figures in political theory and sociology, as well as representatives from the political community, to consider the normative issues at stake in the relationship between environmental sustainability and social justice. It raises important questions and sets out to provide the answers. If future generations are owed justice, what should we bequeath them? Is `sustainability' an appropriate medium for environmentalists to express their demands? Is environmental protection compatible with intra-generational justice? Is environmental sustainability a luxury when social peace has broken down? These essays emerged from three intensive seminars that involved participants in constant re-evaluations of their work, and which bought three distinct groups—environmental theorists, `mainstream' political theorists, and policy community members—into fruitful contact. In particular, the attempt to involve `mainstream' theorists in environmental questions, and to encourage environmentalists to use intellectual resources of political theory, should be highlighted.
Three Essays In Environmental Economics And Environmental Human Rights
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Author : Christopher R. Jeffords
language : en
Publisher:
Release Date : 2012
Three Essays In Environmental Economics And Environmental Human Rights written by Christopher R. Jeffords and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.
Three Essays On Environmental Policy And Institutions
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Author : Donald B. Marron
language : en
Publisher:
Release Date : 1994
Three Essays On Environmental Policy And Institutions written by Donald B. Marron and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with categories.