Dynamic efficiency of enviromental policy: the case of intertemporal emissions trading

In this paper we analyze the effects of dynamic environmental policies on firms' optimal investment behavior within finite time horizons. We show that when finns are allowed to intertemporally trade their emissions, they invest in abatement in earlier periods, advancing compliance with future environmental standards. Therefore, policies such us emissions banking" enhances the dynamic efficiency of the marketable permits and derives substantial cost-savings by itself. We show the dynamics of banking policy and emissions trading when the firm faces a two step emission standard with strict requirements at the end of the programo The firm's optimaI trajectory under apure banking program is compared to command-and-control (CAC), Pigouvian taxes and emissions borrowing, aH for a finite time horizon. Banking introduces time flexibility, inducing the firm to over-comply with environmental standards in earlier periods, thus buying a delay in adjustment to future tighter policies. Finally, we analyze the dynamics of a pure emission trading program, where permits are available in a perfect competitive market, but do not last forever. Our results justify the current low trading in the U.S. Acid Rain Program (ARP) alld link firm's cost savings to the success of the banking policy

The adverse effects of environmental policy in green markets

We model green markets in which purchasers, either firms or consumers, have higher willingness-to-pay for less polluting goods. The effectiveness of pollution reduction policies is examined in a duopoly setting. We show that duopolists' strategic behaviour may increase pollution levels. Maximum emission standards, commonly used in green markets, improve the environmental features of products. Nonetheless, overall pollution levels will rise because government regulation also affects market shares and boots firms' sales. Consequently, social welfare may be reduced. We also explore the effects of technological subsidies and product charges, including differentiation of charges.Emission standards, subsidies, product charges, vertically differentiated duopoly

Dynamic efficiency of enviromental policy: the case of intertemporal emissions trading.

In this paper we analyze the effects of dynamic environmental policies on firms' optimal investment behavior within finite time horizons. We show that when finns are allowed to intertemporally trade their emissions, they invest in abatement in earlier periods, advancing compliance with future environmental standards. Therefore, policies such us emissions banking" enhances the dynamic efficiency of the marketable permits and derives substantial cost-savings by itself. We show the dynamics of banking policy and emissions trading when the firm faces a two step emission standard with strict requirements at the end of the programo The firm's optimaI trajectory under apure banking program is compared to command-and-control (CAC), Pigouvian taxes and emissions borrowing, aH for a finite time horizon. Banking introduces time flexibility, inducing the firm to over-comply with environmental standards in earlier periods, thus buying a delay in adjustment to future tighter policies. Finally, we analyze the dynamics of a pure emission trading program, where permits are available in a perfect competitive market, but do not last forever. Our results justify the current low trading in the U.S. Acid Rain Program (ARP) alld link firm's cost savings to the success of the banking policy.Dynamic environmental policy; Acid Rain Program; Permits; Banking;

La Neosofística y los Nuevos Sofismas

This essay argues that neo-sophism is used in social science language as a way to hidden weak arguments. If sophism was used in Antiquity, neo-sophism is the contemporary use of rhetorical arguments in order to present some ideas in the social sciences. It describes the structure of this kind of thought and highlights its main characteristics

Polution linked to consumption: a study of policy instruments in an environmental differentiated oligopoly.

In this paper we evaluate tlle effeetiveness of alternative regulatory policies on redueing aggregate pollution in an environmental1y differentiated market. Two frrms frrst ehoose their environmental quality and then their priees in a market where eonsumers differ in their valuations of the environmental features of the produets. We frrst show that environmental standards may have an adverse impaet on aggregate pollution. Moreover, we fmd that a uniform ad-valorem tax rate unambiguously increases the level of pollution in the market. When the tax rate is set in favor of the environmentally eleaner produet, aggregate pollution deereases. Finally, direet subsidies on the abatement technology always decrease pollution.Aggregate pollution; Vertical Diferentiated Oligopoly; Environmental Consciousness; Environmental Policy;

A painting on wood of the incredulity of Saint Thomas by Frans Francken II assigned to first dynasty

En el presente trabajo se sostiene la atribución al pintor flamenco de una tabla con el tema de la incredulidad del citado apóstol de Cristo.In this paper attribution to the Flemish painter holds a table with the theme of disbelief apostle of Christ quoted

Las ilustraciones de Dalí para "Naufragio en 3 cuerdas de guitarra" (1928), poemario de Rogelio Buendía

One of the aspirations of the avant-garde was for the integration of the arts. It is in this context that the book of poems about to be discussed has to be understood. Its title pertains to the world of music -an entrenched passion of the author- and was published with three illustrations by Dalí, on whom the poet relied through his contact with the Catalan avant-garde literary scene of the day.Una de las aspiraciones de la vanguardia fue la imbricación de las artes. En este contexto se analiza el libro de poesía que aquí se estudia. Con título perteneciente al territorio de la música -verdadera pasión del autor- fue publicado con tres ilustraciones de Dalí, a quien aquél recurrió a través del foco vanguardista literario de la Cataluña del momento