| Relationship between environment policy and technical transformation: industry pollution control in Three Gorges Reservoir |
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| 作者姓名： | JIANG Dan-lu CAO Guo-hu YU Tong-kui |
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| 作者单位： | School of Economics and Business Administration, Chongqing University, Chongqing 400044, P. R. China;;School of Economics and Business Administration, Chongqing University, Chongqing 400044, P. R. China;;School of Computer and Information Science, Southwest University, Chongqing 400715, P. R. China |
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| 基金项目： | Funded by the National Natural Science Fund （No. 71172082）. |
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| 摘 要： | Ecological objective promotes local government who is in a reservoir area adopting new environmental policies which encourage firms to save energy and reduce emissions. Based on real option theory, we characterized the arrival of new environmental policy as a Poisson jump process. Under the situation that neither the policy arrival time nor contents can be determined, with the real option theory, we focused on problems for firms to decide best investment timing and scale, provided the cumulative probability distribution function of investment timing, and gave a numerical analysis. By analyzing the relationship between policy and investment decision, we found a perverse result that the high subsidy does not always encourage investment all the time, which can be a valuable reference for government to control industry pollution and make reasonable policies.
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| 关 键 词： | river pollution real option investment timing investment scale government subsidy |
| 收稿时间： | 2012/3/19 0:00:00 |
| 修稿时间： | 2012/4/21 0:00:00 |
Relationship between environment policy and technical transformation: industry pollution control in Three Gorges Reservoir |
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| JIANG Dan-lu,CAO Guo-hu,YU Tong-kui.Relationship between environment policy and technical transformation: industry pollution control in Three Gorges Reservoir[J].Journal of Chongqing University,2012,11(2):51-58. |
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| Authors: | JIANG Dan-lu CAO Guo-hua and YU Tong-kui |
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| Institution: | [1]School of Economics and Business Administration, Chongqing University, Chongqing 400044, P. R. China [2]School of Computer and Information Science, Southwest University, Chongqing 400715, P. R. China |
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| Abstract: | Ecological objective promotes local government who is in a reservoir area adopting new environmental policies which encourage firms to save energy and reduce emissions. Based on real option theory, we characterized the arrival of new environmental policy as a Poisson jump process. Under the situation that neither the policy arrival time nor contents can be determined, with the real option theory, we focused on problems for firms to decide best investment timing and scale, provided the cumulative probability distribution function of investment timing, and gave a numerical analysis. By analyzing the relationship between policy and investment decision, we found a perverse result that the high subsidy does not always encourage investment all the time, which can be a valuable reference for government to control industry pollution and make reasonable policies. |
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| Keywords: | river pollution real option investment timing investment scale government subsidy |
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