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Environmental policy, the porter hypothesis and the composition of capital: effects of learining and techonological progress

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Author Info
Kort, P.M.
Feichtinger, G.
Hartl, R.F.
Veliov, V.M. (Tilburg University, Center for Economic Research)

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Abstract

In this paper the e.ect of environmental policy on the composition of capital is investigated. By allowing for non-linearities it generalizes Xepapadeas and De Zeeuw (Journal of Environmental Economics and Management, 1999) and determines scenarios in which their results do not carry over. In particular, we show that the way acquisition cost of investment decreases with the age of the capital stock is of crucial importance. Also it is obtained that environmental policy has opposite e.ects on the average age of the capital stock in the case of either deterioration or depreciation. We also focus more explicitly on learning and technological progress. Among others we obtain that in the presence of learning, implementing a stricter environmental policy with the aim to reach a certain target of emissions reduction has a stronger negative e.ect on industry pro.ts, which implies quite the opposite as to what is described by the Porter hypothesis.

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Paper provided by Tilburg University, Center for Economic Research in its series Discussion Paper with number 61.

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Date of creation: 2003
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Handle: RePEc:dgr:kubcen:200361

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Malcomson, James M., 1975. "Replacement and the rental value of capital equipment subject to obsolescence," Journal of Economic Theory, Elsevier, vol. 10(1), pages 24-41, February. [Downloadable!] (restricted)
  2. Feichtinger, Gustav & Hartl, Richard F. & Kort, Peter M. & Veliov, Vladimir M., 2006. "Anticipation effects of technological progress on capital accumulation: a vintage capital approach," Journal of Economic Theory, Elsevier, vol. 126(1), pages 143-164, January. [Downloadable!] (restricted)
  3. Boucekkine, Raouf & del Rio, Fernando & Licandro, Omar, 1999. "Endogenous vs Exogenously Driven Fluctuations in Vintage Capital Models," Journal of Economic Theory, Elsevier, vol. 88(1), pages 161-187, September. [Downloadable!] (restricted)
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  4. Emilio Barucci & Fausto Gozzi, 2001. "Technology adoption and accumulation in a vintage-capital model," Journal of Economics, Springer, vol. 74(1), pages 1-38, February. [Downloadable!] (restricted)
  5. Feichtinger, Gustav & Hartl, Richard F. & Kort, Peter M. & Veliov, Vladimir M., 2006. "Capital accumulation under technological progress and learning: A vintage capital approach," European Journal of Operational Research, Elsevier, vol. 172(1), pages 293-310, July. [Downloadable!] (restricted)
  6. Boucekkine, Raouf & Licandro, Omar & Paul, Christopher, 1997. "Differential-difference equations in economics: On the numerical solution of vintage capital growth models," Journal of Economic Dynamics and Control, Elsevier, vol. 21(2-3), pages 347-362. [Downloadable!] (restricted)
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  7. Xepapadeas, Anastasios & de Zeeuw, Aart, 1999. "Environmental Policy and Competitiveness: The Porter Hypothesis and the Composition of Capital," Journal of Environmental Economics and Management, Elsevier, vol. 37(2), pages 165-182, March. [Downloadable!] (restricted)
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  8. Feichtinger, G. & Hartl, R.F. & Kort, P.M., 2001. "Dynamic investment behavior taking into account ageing of the capital good," Discussion Paper 13, Tilburg University, Center for Economic Research. [Downloadable!]
  9. Benhabib, Jess & Rustichini, Aldo, 1990. "Vintage Capital, Investment And Growth," Working Papers 90-22, C.V. Starr Center for Applied Economics, New York University. [Downloadable!]
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  10. Boucekkine, Raouf & Germain, Marc & Licandro, Omar & Magnus, Alphonse, 2001. "Numerical solution by iterative methods of a class of vintage capital models," Journal of Economic Dynamics and Control, Elsevier, vol. 25(5), pages 655-669, May. [Downloadable!] (restricted)
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  11. R. Boucekkine & M. Germain & O. Licandro & A. Magnus, . "Creative destruction, investment volatility, and the average age of capital," Working Papers 97-08, FEDEA.
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Brännlund, Runar & Lundgren, Tommy, 2008. "Environmental policy and profitability - Evidence from Swedish industry," UmeÃ¥ Economic Studies 750, Umeå University, Department of Economics. [Downloadable!]
  2. Francesco Ricci, 2007. "Environmental policy and growth when inputs are differentiated in pollution intensity," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 38(3), pages 285-310, November. [Downloadable!] (restricted)
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  3. Ambec, Stefan & Barla, Philippe, 2005. "Can Environmental Regulations be Good for Business? an Assessment of the Porter Hypothesis," Cahiers de recherche 0505, GREEN. [Downloadable!]
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  4. Francisco J. André & Paula González & Nicolás Porteiro, 2007. "Strategic Quality Competition and the Porter Hypothesis," Working Papers 07.03, Universidad Pablo de Olavide, Department of Economics. [Downloadable!]
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  5. Théophile T. Azomahou & Raouf Boucekkine & Phu Nguyen-Vanc, . "Promoting Clean Technologies: The Energy Market Structure Crucially Matters," Working Papers 2008_13, Department of Economics, University of Glasgow. [Downloadable!]
    Other versions:
  6. Brännlund, Runar, 2008. "Productivity and environmental regulations - A long run analysis of the Swedish industry," UmeÃ¥ Economic Studies 728, Umeå University, Department of Economics. [Downloadable!]
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