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Gresham’s law in environmental protection

被引：0
|
作者：
Ya-Po Yang
Jin-Li Hu
机构：
[1] National University of Kaohsiung,Institute of Business and Management
[2] National Chiao Tung University,Institute of Business and Management
来源：
Environmental Economics and Policy Studies | 2012年 / 14卷 / 2期
关键词：
Incomplete environmental enforcement; Gresham’s law; Detection probability; Penalties; L13; Q53;
D O I：
10.1007/s10018-011-0025-z
中图分类号：
学科分类号：
摘要：
Under incomplete environmental enforcement, the high-cost (less efficient) firm may strategically violate the environmental standard, causing the low-cost (more efficient) firm to exit the market—a phenomenon similar to Gresham’s law in which bad money drives out good money. Tightening environmental regulation without increasing probability and penalties helps the high-cost firm to drive the low-cost firm out of the market. This explains why serious pollution and inefficient production co-exist in developing economies.
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页码：103 / 122
页数：19
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