Publikation:

Pollution claim settlements reconsidered : Hidden information and bounded payments

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Goldluecke_2-11f617ep2qekk4.pdf
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Datum

2018

Autor:innen

Schmitz, Patrick W.

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Published

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European Economic Review. 2018, 110, pp. 211-222. ISSN 0014-2921. eISSN 1873-572X. Available under: doi: 10.1016/j.euroecorev.2018.08.005

Zusammenfassung

A principal’s production decision imposes a negative externality on an agent. The principal may be a pollution-generating firm, the agent may be a nearby town. The principal offers a contract to the agent, who has the right to be free of pollution. Then the agent privately learns the disutility of pollution. Finally, a production level and a transfer payment are implemented. Suppose there is an upper bound (possibly zero) on payments that the agent can make to the principal. In the second-best solution, there is underproduction for low cost types, while there is overproduction for high cost types. In contrast to standard adverse selection models of pollution claim settlements, there may thus be too much pollution compared to the first-best solution.

Zusammenfassung in einer weiteren Sprache

Fachgebiet (DDC)
330 Wirtschaft

Schlagwörter

Coasian contracting, Negative externalities, Hidden information, Limited liability, Overproduction

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ISO 690GOLDLÜCKE, Susanne, Patrick W. SCHMITZ, 2018. Pollution claim settlements reconsidered : Hidden information and bounded payments. In: European Economic Review. 2018, 110, pp. 211-222. ISSN 0014-2921. eISSN 1873-572X. Available under: doi: 10.1016/j.euroecorev.2018.08.005
BibTex
@article{Goldlucke2018-11Pollu-44175,
  year={2018},
  doi={10.1016/j.euroecorev.2018.08.005},
  title={Pollution claim settlements reconsidered : Hidden information and bounded payments},
  volume={110},
  issn={0014-2921},
  journal={European Economic Review},
  pages={211--222},
  author={Goldlücke, Susanne and Schmitz, Patrick W.}
}
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