The great majority of the analysis of environmental policy has been undertaken under the assumption that emissions per unit of produced output are constant. Then once environmental policy is introduced, firms either reduce their output or engage in abatement which mainly represents end-of-pipe emissions reduction (e.g., Keeler, Spence and Zeckhauser, 1971; Baumol and Oates, 1988; Barnett, 1980). Recently, however, increasing attention has been directed towards the analysis of environmental policy aimed at reducing unit emissions coefficients through the introduction of environmentally-clean technology. That is, firms are induced by the policy to engage in environmental innovation, or environmental R&D (e.g., Carraro and Siniscalco, 1992, 1993; Ulph and Ulph, 1994) and by doing so they could reduce emissions without reducing output or undertaking end-of-pipe abatement.
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- Environmental innovation, spillovers and optimal policy rules
- Springer Netherlands
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