More Stringent Cap or Higher Penalty Fee? Dealing with Procrastination in Environmental Protection
文献类型：期刊论文
| 作者 | Guo, Dongmei1; Wang, Shouyang2; Zhao, Lin2 |
| 刊名 | ANNALS OF ECONOMICS AND FINANCE
 |
| 出版日期 | 2020-05-01 |
| 卷号 | 21期号:1页码:41-69 |
| 关键词 | Environmental policy Time-inconsistent preferences Present bias Procrastination Cap-and-trade Principal-agent |
| ISSN号 | 1529-7373 |
| 英文摘要 | People tend to procrastinate on immediate-cost activities. In environmental protection, resource conservation and pollution control commonly involve substantial immediate costs but long-delayed benefits, giving entrepreneurs an incentive to remain inactive. This paper assumes that procrastination is induced by "present bias," and examines how the government can design policies that promote efficiency in the regulation of procrastinating entrepreneurs. Our main findings are threefold. First, entrepreneurial present bias makes the environmental protection investment increase faster as the compliance deadline approaches. Second, the compliance cost incurred by the entrepreneur increases with the degrees of present bias and entrepreneurial naivete. Third, relative to the traditional policy for rational entrepreneurs without present bias, the optimal policy delivers a more stringent cap for naive entrepreneurs, but a higher penalty fee for sophisticated entrepreneurs. |
| 资助项目 | National Social Science Foundation of China[18BTJ004] |
| WOS研究方向 | Business & Economics |
| 语种 | 英语 |
| WOS记录号 | WOS:000531067000002 |
| 出版者 | WUHAN UNIV JOURNALS PRESS |
| 源URL | [http://ir.amss.ac.cn/handle/2S8OKBNM/51421]  |
| 专题 | 中国科学院数学与系统科学研究院 |
| 通讯作者 | Zhao, Lin |
| 作者单位 | 1.Cent Univ Finance & Econ, Sch Econ, Beijing 100081, Peoples R China 2.Chinese Acad Sci, Acad Math & Syst Sci, Beijing 100190, Peoples R China |
| 推荐引用方式 GB/T 7714 | Guo, Dongmei,Wang, Shouyang,Zhao, Lin. More Stringent Cap or Higher Penalty Fee? Dealing with Procrastination in Environmental Protection[J]. ANNALS OF ECONOMICS AND FINANCE,2020,21(1):41-69. |
| APA | Guo, Dongmei,Wang, Shouyang,&Zhao, Lin.(2020).More Stringent Cap or Higher Penalty Fee? Dealing with Procrastination in Environmental Protection.ANNALS OF ECONOMICS AND FINANCE,21(1),41-69. |
| MLA | Guo, Dongmei,et al."More Stringent Cap or Higher Penalty Fee? Dealing with Procrastination in Environmental Protection".ANNALS OF ECONOMICS AND FINANCE 21.1(2020):41-69. |
入库方式： OAI收割
来源：数学与系统科学研究院
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