Exploiting the implementation of the NOx Budget Trading Program (NBP), we show that a regional environmental regulation can have an unintended emission spillover effect from NBP-regulated power plants to manufacturing plants not regulated by the NBP via hikes in electricity prices. Our...

Automobile industry is an exhaustive industry bringing development for any country. The industrial capabilities needed for development rest in this branch of industry. The Iranian automobile making companies move in line with this aim. But in recent decades, in addition to development of...

International offset certificates trade at lower prices than European Union Allowances (EUAs), although they are substitutes within the EU Emissions Trading System (EU ETS) for CO2. Firms therefore had a strong incentive to use the cheaper certificates. However, a considerable number of firms...

There is a widespread consensus among the most important players in developed countries (voters, politicians, producers, traditional and green interest groups and bureaucracies) that a shift towards an eco-social market economy is essential for sustainable growth. Nevertheless, market-based...

Presently, certain U.S. government agencies face hyperturbulent environments, where organic, information-intensive changes occur rapidly with little warning. No one individual harbors sufficient knowledge to either mitigate negative outcomes or capitalize on positive opportunities. Knowledge...

Environmental economics has employed the seminal contribution of Ronald H. Coase (1960) intensively but has remained relatively unaffected by the contributions of perhaps his most influential follower, Oliver E. Williamson. As an initial step in addressing this oversight, we apply the analytical...

Notwithstanding the warning of myopic view, when giving too much emphasis to the short run and stable environments, efficiency is usually claimed by standard economics as the main goal of competitive firms. This is challenged by management and organization scholars, who argue that, in presence...

There is a widespread consensus among the most important players in developed countries (voters, politicians, producers, traditional and green interest groups and bureaucracies) that a shift towards an eco-social market economy is essential for sustainable growth. Nevertheless, market-based...

This paper uses a transaction cost approach in order to classify the different policy options that are currently discussed in relation to the Kyoto protocol. It analyses the market as only one of the possible collective decision making processes, which are available to operationalize the concept...

Policy shocks affect the rent distribution in long-term contracts, which can lead to such contracts being renegotiated. We seek an understanding of what aspects of contract design, in the face of a substantial policy shock, affect the propensity to renegotiate. We test our hypotheses using data...