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International Environmental Agreements as an Equilibrium Choice in a Di¤erential Game
( Ken-ichi Akao ),( Kenko Uchida ),( Yasuaki Wasa ) 한국환경경제학회·한국자원경제학회(구 한국환경경제학회) 2018 한국환경경제학회 학술발표논문집 Vol.2018 No.하계
In a differential game for international pollution control, Dockner and Long (Dockner, E.J. and N.V. Long (1993) .International Pollution Control: Cooperative versus Noncooperative Strategies,. Journal of Environmental Economics and Management 25: 13-29) show the existence of multiple Markov Nash equilibria and suggest the interpretation that an international environmental negotiation may be a preplay communication to choose a better Nash equilibrium. Following their idea, we examine the payoff dominant equilibrium in Markov perfect Nash equilibria (MPNEs) and open-loop Nash equilibria (OLNEs). By allowing a discontinuous strategy, we reproduce the Dockner and Long’s most efficient equilibrium as an MPNE (the DL MPNE), with the globally asymptotically stable steady state which converges to an efficient steady state as the discount rate goes to zero. We show that the DL MPNE is payoff dominant over the pollution levels greater than or equal to the steady state in the MPNEs. When an open-loop strategy is also available, there is a unique OLNE and it may dominate the DL MPNE if the pollution level is high. This indicates that a renegotiation to switch from the OLNE to the DL MPNE may occur when pollution is improved.
An economic analysis of the ‘‘Home Appliance Eco-Point System’’ in Japan
( Ken-ichi Akao ) 한국환경경제학회, 한국자원경제학회 ( 구 한국환경경제학회 ) 2016 한국환경경제학회 학술발표논문집 Vol.2016 No.하계
The Home Appliance Eco-Point System was a subsidy program implemented by the Japanese government from May 2009 to March 2011. The system has two features. First, the subsidy was provided in the form of eco-points that were only exchangeable for environmentally friendly goods. Second, it was a replacement subsidy program for durable goods with uncertain termination dates. We investigate the policy implications of these features. We show that if the eco-points are exchangeable for any goods (i.e., if a simple rebate program rather than an ecopoint system is implemented), the same outcome can be achieved at a lower subsidy rate and thus using fewer financial resources. Regarding the eco-point system as a replacement subsidy, we show that the uncertain termination has the same effect as an increase in the subsidy: both accelerate the replacement. Uncertainty is a substitute for a subsidy, thus saving the financial resources of the government. However, there are two welfare concerns: (a) acceleration may not be desirable in terms of the environment, and (b) it costs households their expected utility.