1,721,117 research outputs found
Environmental Policy, the Porter Hypothesis and the Composition of Capital: Effects of Learning and Technological Progress
Full text linkIn this paper the e.ect of environmental policy on the composition of capital is investigated.By allowing for non-linearities it generalizes Xepapadeas and De Zeeuw (Journal of Environmental Economics and Management, 1999) and determines scenarios in which their results do not carry over.In particular, we show that the way acquisition cost of investment decreases with the age of the capital stock is of crucial importance.Also it is obtained that environmental policy has opposite e.ects on the average age of the capital stock in the case of either deterioration or depreciation.We also focus more explicitly on learning and technological progress.Among others we obtain that in the presence of learning, implementing a stricter environmental policy with the aim to reach a certain target of emissions reduction has a stronger negative e.ect on industry pro.ts, which implies quite the opposite as to what is described by the Porter hypothesis.environmental policy;capital;learning;technological change
Optimal Investments with Increasing Returns to Scale: a Further Analysis
Full text link. This paper considers a capital accumulation model that was previously analyzed by Barucci (1998). The specific feature of the model is that revenue is a convex function of the capital stock. We extend Barucci's work by giving a full analytical characterization of the case where a saddle point with a positive capital stock level exists. Furthermore we also analyze the other cases. 1. Introduction In this paper we study a standard capital accumulation model of the firm, where the objective is to maximize the discounted profit stream. The profit rate equals the difference between the revenue and the costs of investment. Revenue is obtained by selling goods on the market. The firm needs a capital stock to produce these goods. The higher the capital stock it owns , the more goods the firm produces, which in turn leads to a higher revenue. The firm can increase capital stock by investing. Technically spoken, this model is an optimal control model with one state variable, the capital stock..
Environmental policy, the Porter hypothesis and the composition of capital: Effects of learning and technological progress.
Full text linkKeeping up with the technology pace : a DNS-curve and limit cycle in a technology investment decision problem.
Full text linkDynamic Investment Behavior Taking into Account Ageing of the Capital Good
Full text linkIn standard capital accumulation models all capital goods are equally productive and produce goods of the same quality.However, due to ageing, in reality it holds most of the time that newer capital goods are more productive. Implications of this feature for the firm's investment policies are investigated in an optimal control problem with distributed parameters.It turns out that investing in capital goods of di¤erent age is done such that the net present value of marginal investment equals zero.Comparing the returns of investment in capital goods of different age, the higher productivity of younger capital goods has to be weighed against the lower costs of depreciation, discounting and acquisition of older capital goods.In the steady state it holds that, in the most reasonable scenario, the firm should invest at the highest rate in new capital goods, and dis-investment can only be optimal when costs of acquisition are large and machines are old.investment;capital goods;ageing
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
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