and enforcement. Our key findings are: (1) prudential regulation limits expansion of plants with high initial pollution … regulated due to its historically large contribution to air and water pollution. Our paper contributes to the broader empirical … literature on the Porter Hypothesis, which posits a positive relationship between environmental regulation and "green" TFP growth …

We develop a dynamic regulation game for a stock externality under asymmetric information and future market uncertainty …. Within this framework, regulation is characterized as the implementation of a welfare-maximization program conditional on …

For political, jurisdictional and technical reasons, environmental regulation of industrial pollution is often … incomplete: regulations apply to only a subset of facilities contributing to a pollution problem. Policymakers are increasingly … regulated producers are less polluting than their unregulated ounterparts, emissions under incomplete regulation can exceed the …