This dissertation consists of two theoretical papers on market-based environmental policy. The first paper exploits the correlation between the environmental performance of firms and their economic performance to show that financial markets can be used to help enforce environmental policy and to...

What are the conclusions that we have to draw from the foregoing discussion? We must conclude that the prevailing practice of evaluating benefits and costs in terms of present costs and prices is not only likely to lead to an under-statement of actual costs, but also may lead to gross...

In the first chapter of this dissertation, I estimate the long-run price elasticity of supply of renewable electricity generating capacity using the variation in state mandates for renewable electricity production. These mandates require electricity providers to purchase a predetermined fraction...

This research investigated the general association between corporate environmental performance and the firms' annual returns independent of any particular environmental event. The association analysis was based on the most recent environmental data for the years 2006, 2007, and 2008. The results...

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