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Environmental protection mechanisms and technological dynamics

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  • Antoci, Angelo
  • Borghesi, Simone
  • Russu, Paolo

Abstract

The paper proposes a new financial mechanism that could be implemented to protect the environment of a tourist region. For this purpose, we investigate the potential consequences of two financial activities, issued by the local government (G) of a region R, which work like contracts between G and, respectively, visitors of R and firms operating in R. According to these contracts, agents who decide to visit R (firms that decide to adopt an environmental friendly technology) have to buy an option that entitle them to get a partial or total reimbursement if environmental quality in R turns out to be sufficiently low (high), namely, below (above) a given predetermined threshold level.

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Bibliographic Info

Article provided by Elsevier in its journal Economic Modelling.

Volume (Year): 29 (2012)
Issue (Month): 3 ()
Pages: 840-847

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Handle: RePEc:eee:ecmode:v:29:y:2012:i:3:p:840-847

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Web page: http://www.elsevier.com/locate/inca/30411

Related research

Keywords: Environmental protection; Financial instruments; Technological innovation; Evolutionary dynamics;

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References

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  1. Perrings, Charles, 1989. "Environmental bonds and environmental research in innovative activities," Ecological Economics, Elsevier, Elsevier, vol. 1(1), pages 95-110, February.
  2. Antoci, Angelo & Bartolini, Stefano, 1999. "Negative externalities as the engine of growth in an evolutionary context," MPRA Paper 13908, University Library of Munich, Germany.
  3. Costanza, Robert & Perrings, Charles, 1990. "A flexible assurance bonding system for improved environmental management," Ecological Economics, Elsevier, Elsevier, vol. 2(1), pages 57-75, April.
  4. Requate, Till, 2005. "Dynamic incentives by environmental policy instruments--a survey," Ecological Economics, Elsevier, Elsevier, vol. 54(2-3), pages 175-195, August.
  5. Bartolini, Stefano & Bonatti, Luigi, 2003. "Undesirable growth in a model with capital accumulation and environmental assets," Environment and Development Economics, Cambridge University Press, vol. 8(01), pages 11-30, February.
  6. Angelo Antoci & Simone Borghesi & Marcello Galeotti, 2008. "Should we replace the environment?: Limits of economic growth in the presence of self-protective choices," International Journal of Social Economics, Emerald Group Publishing, vol. 35(4), pages 283-297, March.
  7. Angelo Antoci & Simone Borghesi, 2010. "Environmental degradation, self-protection choices and coordination failures in a North–South evolutionary model," Journal of Economic Interaction and Coordination, Springer, vol. 5(1), pages 89-107, June.
  8. Jessica Coria & Magnus Hennlock, 2012. "Taxes, permits and costly policy response to technological change," Environmental Economics and Policy Studies, Society for Environmental Economics and Policy Studies - SEEPS, Society for Environmental Economics and Policy Studies - SEEPS, vol. 14(1), pages 35-60, January.
  9. Giuseppe Di Vita, 2007. "Legal Families and Environmental Protection: Is there a Causal Relationship?," Working Papers 2007.78, Fondazione Eni Enrico Mattei.
  10. Bartolini, Stefano & Bonatti, Luigi, 2002. "Environmental and social degradation as the engine of economic growth," Ecological Economics, Elsevier, Elsevier, vol. 43(1), pages 1-16, November.
  11. Montgomery, W. David, 1972. "Markets in licenses and efficient pollution control programs," Journal of Economic Theory, Elsevier, Elsevier, vol. 5(3), pages 395-418, December.
  12. Perrings,Charles, 1987. "Economy and Environment," Cambridge Books, Cambridge University Press, number 9780521340816, 9.
  13. Antoci, Angelo & Galeotti, Marcello & Geronazzo, Lucio, 2007. "Visitor and firm taxes versus environmental options in a dynamical context," MPRA Paper 13667, University Library of Munich, Germany.
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Cited by:
  1. Antoci, Angelo & Borghesi, Simone & Marletto, Gerardo, 2012. "To drive or not to drive? A simple evolutionary model," MPRA Paper 39560, University Library of Munich, Germany.

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