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Since the seminal works of Schumpeter (1937) and Arrow (1962), economists have recognised that the innovation process is crucially dependent on the strategic environment in which firms operate and on the institutional arrangements which govern the appropriability of economic returns from...
Persistent link: https://www.econbiz.de/10011608314
The 1998 Kyoto protocol signalled a new earnestness of international intent toward addressing the perceived risk of climate change. Kyoto demands that developed nations turn their economies so as to hit differentiated, sub-1990 level carbon emission targets within the next decade or so. But when...
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In this paper, we use stochastic dynamic programming to model the choice of a municipality which has to design an optimal waste management program under uncertainty about the price of recyclables in the secondary market. The municipality can, by undertaking an irreversible investment, adopt a...
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The main aim of the paper is to highlight the relation between flexibility and vertical integration. To this purpose … dynamic uncertain environment. The enterprise we model enjoys flexibility since it can switch from a certain amount of … produce all inputs even when it buys them in the market. This sort of flexibility makes for results which are somehow contrary …
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flexible technology allowing for such option. Investment is irreversible and flexibility is costly. The problem is solved …
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In the context of transboundary air pollution policy the broad ambition is to achieve reductions in the level of environmental and societal damage associated with certain pollutant concentrations and exposure rates in a cost effective manner. Policy formulation and legislative frameworks in this...
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