| 来源类型 | FEEM working papers "Note di lavoro" series
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| 规范类型 | 论文
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| Environmental Innovation, War of Attrition and Investment Grants |
| Michele Moretto; Cesare Dosi
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| 发表日期 | 2004
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| 出处 | Climate Change and Sustainable Development
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| 出版年 | 2004
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| 语种 | 英语
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| 摘要 | The paper analyses the timing of spontaneous environmental innovation when second-mover advantages, arising from the expectation of declining investment costs, increase the option value of waiting created by investment irreversibility and uncertainty about private payoffs. We then focus on the design of public subsidies aimed at bridging the gap between the spontaneous time of technological change and the socially desirable one. Under network externalities and incomplete information about firms' switching costs, auctioning investment grants appears to be a cost-effective way of accelerating pollution abatement, in that it allows targeting grants instead of subsidizing the entire industry indiscriminately. |
| 特色分类 | Q28,O38
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| 关键词 | Environmental innovation,Investment irreversibility,Network externalities,Investment grants,Second-price auction
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| URL | https://www.feem.it/en/publications/feem-working-papers-note-di-lavoro-series/environmental-innovation-war-of-attrition-and-investment-grants/
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| 来源智库 | Fondazione Eni Enrico Mattei (Italy)
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/117107
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推荐引用方式
GB/T 7714 |
Michele Moretto,Cesare Dosi. Environmental Innovation, War of Attrition and Investment Grants. 2004.
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文件名：
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NDL2004-156.pdf
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格式：
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Adobe PDF
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