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Essays in environmental and energy e...

Morin Chasse, Remi.

Essays in environmental and energy economics.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Essays in environmental and energy economics.
作者:	Morin Chasse, Remi.
出版者:	Ann Arbor : ProQuest Dissertations & Theses, 2016
面頁冊數:	90 p.
附註:	Source: Dissertation Abstracts International, Volume: 78-03(E), Section: A.
附註:	Adviser: Charles F. Mason.
Contained By:	Dissertation Abstracts International78-03A(E).
標題:	Economics.
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10154332
ISBN:	9781369094404

Essays in environmental and energy economics.
Morin Chasse, Remi.

Essays in environmental and energy economics. - Ann Arbor : ProQuest Dissertations & Theses, 2016 - 90 p.

Source: Dissertation Abstracts International, Volume: 78-03(E), Section: A.

Thesis (Ph.D.)--University of Wyoming, 2016.

In the first essay, we consider a firm with limited-liability and whose profits are a function of valuable productive capital. Environmental accidents of random sizes can occur at random times. To pay for the liability from an accident, the firm sells some or all of its productive capital; it becomes judgment-proof when the liability exceeds the value of its capital. The remainder of the liability, left unpaid by the bankrupted firm, is paid for by society. Using a dynamic framework with exogenous arrival, we derive closed-form solutions for the firm's return from its assets and for social costs. The firm's return is convex in the level of productive capital. By setting up a bonding requirement, the legislator ensures the firm, not society, bears the expected costs of accidents ex-ante. It may optimal to reduce the liability transferred back to the firm and possibly to subsidize it. When arrival is endogenous, there can be an optimal firm-size for specific cases. The associated social costs reach a maximum when assets equal the expected magnitude of damages.

ISBN: 9781369094404Subjects--Topical Terms:

175999
Economics.

Essays in environmental and energy economics.
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520 $a In the first essay, we consider a firm with limited-liability and whose profits are a function of valuable productive capital. Environmental accidents of random sizes can occur at random times. To pay for the liability from an accident, the firm sells some or all of its productive capital; it becomes judgment-proof when the liability exceeds the value of its capital. The remainder of the liability, left unpaid by the bankrupted firm, is paid for by society. Using a dynamic framework with exogenous arrival, we derive closed-form solutions for the firm's return from its assets and for social costs. The firm's return is convex in the level of productive capital. By setting up a bonding requirement, the legislator ensures the firm, not society, bears the expected costs of accidents ex-ante. It may optimal to reduce the liability transferred back to the firm and possibly to subsidize it. When arrival is endogenous, there can be an optimal firm-size for specific cases. The associated social costs reach a maximum when assets equal the expected magnitude of damages.
520 $a In the second essay, we study sustainability using a neoclassical growth approach. Our analysis focuses on the role of energy in the economy. Society uses renewable and non-renewable energies, with the use of the latter generating undesirable pollution. Renewable energies, available at zero marginal cost, are conditional upon the existence of a generating capacity, which requires investment. In a numerical simulation, we find that it can be optimal for society to stop using non-renewable energies and switch completely to renewable energies even though the non-renewable resource stock is not fully exhausted. In the final carbon-free phase, the dynamic system is a saddle-path. We find that a moratorium on renewable resource expansion is not beneficial; society is better off investing in this resource every year, albeit at a lower rate, than to postpone investment. Society must be relatively averse to intergeneration inequity with an elasticity of inter-temporal substitution must be greater than one to ensure that the steady-state level of renewable energy capacity is non-zero.
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