Recommended readings (Machine generated): Roland Bénabou and Jean Tirole (2003), 'Intrinsic and Extrinsic Motivation', Review of Economic Studies, 70 (3), July, 489-520 -- Kjell Arne Brekke, Snorre Kverndokk and Karine Nyborg (2003), 'An Economic Model of Moral Motivation', Journal of Public...

1. Background and overview -- Part 1: The need for environmental and natural resource policy -- 2. Causes of environmental degradation -- 3. The evolution of rights -- Part 2: Review of policy instruments -- 4. Direct regulation of the environment -- 5. Taxes -- 6. Tradable permits -- 7....

This study examines how the impact of Tradable Green Certificates (TGC) on profitability and investment behavior varies depending on the vertical integration status of regulated firms. Our theoretical model predicts that vertical integration does not lead to higher profits when internal pricing...