Regulatory ‘balancing’ and the efficiency of green R&D
AbstractWe identify and analyse several dynamic implications of setting environmental standards such as to ‘balance’ marginal costs and benefits. The adoption of such a regulatory approach is shown to effect (i) the speed of improvement of abatement technologies; (ii) the ‘direction’ (in a sense to be defined) of that improvement; (iii) its source and the distribution of the rents from it; and (iv) the rate of development of defensive (averting) technologies. Existing views are thoroughly synthesised in the context of a simple diagrammatic model, several new results are derived and at least one conventional wisdom questioned. The message of the analysis for legislators and regulators is that cost-benefit balancing should be done with care. Copyright Kluwer Academic Publishers 1997
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Bibliographic InfoArticle provided by European Association of Environmental and Resource Economists in its journal Environmental & Resource Economics.
Volume (Year): 9 (1997)
Issue (Month): 4 (June)
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Web page: http://www.springerlink.com/link.asp?id=100263
environmental regulation; cost-benefit analysis; technical change;
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