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...

I study the collective choice of whether to implement a ban on a hazardous chemical in a federation with two levels of goverment. The local regulators suggest which chemicals to ban to maximize their own national interests, whereas federal policy decides on the implementation of the ban to...