Global S&T Development Trend Analysis Platform of Resources and Environment
DOI | 10.1016/j.enpol.2017.01.057 |
Does environmental regulation create merger incentives? | |
Creti, Anna1; Sanin, Maria-Eugenia2,3 | |
2017-06-01 | |
发表期刊 | ENERGY POLICY |
ISSN | 0301-4215 |
EISSN | 1873-6777 |
出版年 | 2017 |
卷号 | 105 |
文章类型 | Article |
语种 | 英语 |
国家 | France |
英文摘要 | This paper studies merger incentives for polluting Cournot firms under a competitive tradable emission permits market. We find that when firms are symmetric and marginal costs are constant, an horizontal merger is welfare enhancing if efficiency gains are high enough for the merger to take place. The presence of a competitive (or monopolistic) outside market that also trades in the permits market makes profitable a merger that would not happen otherwise. When firms are vertically related in an input-output chain, an horizontal merger in one of the markets increases profits in the other market due to the permits price decrease. Finally we consider an oligopoly-fringe model in which firms differ in their marginal production costs. A merger between the dominant oligopolistic firms decreases the permits price and is always profitable. Such setting is relevant to assess the observed mergers between power generators in several market for permits, like the Regional Greenhouse Gas Initiative (RGGI), allowing us to derive some policy recommendations. |
英文关键词 | Mergers Environmental externality Tradable emission permits Social welfare Cournot competition |
领域 | 气候变化 |
收录类别 | SCI-E ; SSCI |
WOS记录号 | WOS:000400532900059 |
WOS关键词 | HORIZONTAL MERGER ; PERMITS |
WOS类目 | Economics ; Energy & Fuels ; Environmental Sciences ; Environmental Studies |
WOS研究方向 | Business & Economics ; Energy & Fuels ; Environmental Sciences & Ecology |
引用统计 | |
文献类型 | 期刊论文 |
条目标识符 | http://119.78.100.173/C666/handle/2XK7JSWQ/17908 |
专题 | 气候变化 |
作者单位 | 1.PSL Res Univ, Univ Paris Dauphine, LEDA, CGEMP, F-75016 Paris, France; 2.Univ Evry Val DEssonne, EPEE EA 2177, Evry, France; 3.Ecole Polytech, Dept Econ, Palaiseau, France |
推荐引用方式 GB/T 7714 | Creti, Anna,Sanin, Maria-Eugenia. Does environmental regulation create merger incentives?[J]. ENERGY POLICY,2017,105. |
APA | Creti, Anna,&Sanin, Maria-Eugenia.(2017).Does environmental regulation create merger incentives?.ENERGY POLICY,105. |
MLA | Creti, Anna,et al."Does environmental regulation create merger incentives?".ENERGY POLICY 105(2017). |
条目包含的文件 | 条目无相关文件。 |
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