Bhattacharya, Rabindra N.; Pal, Rupayan - East Asian Bureau of Economic Research (EABER) - 2008
the world optimum levels. It shows that, in case of open economies, environmental standards can be strategic substitutes … in case of closed economies. It also shows that equilibrium standards in case of open economies are higher than the world … optimum in certain situations. In contrast, countries set lower environmental standards, in equilibrium, than the world …