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A Real Options Approach to Abatement Investments and Green Goodwill

机译：减排投资和绿色商誉的实物期权方法

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摘要

In this paper we adopt the green goodwill argument as to why firms voluntarily invest in abatement capital. We investigate the effects on the abatement investment decision of changes in uncertainty about future green goodwill, competitor abatement investments, regulations, etc., using a real options framework. Our results indicate that increased uncertainty about consumers' willingness to pay for "green" products in the future discourage voluntary abatement investments. The model also suggests that voluntary abatement investments are promoted by an increased threat of regulation and competitor abatement investments. Furthermore, the benefit-cost ratio of the abatement investment project, at the point where it is optimal to invest, is independent of what regulatory regime (stringent or lenient) the firm operates in. We also conclude that despite the fact that voluntary abatement investment exists, there may still be room for environmental policy.
机译：在本文中，我们采用绿色商誉的观点来解释为什么企业自愿投资于减排资本。我们使用实物期权框架调查了未来绿色商誉，竞争对手的减排投资，法规等方面的不确定性变化对减排投资决策的影响。我们的结果表明，消费者对未来购买“绿色”产品的意愿的不确定性增加，不利于自愿减排投资。该模型还表明，法规和竞争对手减排投资的威胁越来越大，促进了自愿减排投资。此外，减排投资项目在最佳投资点的成本效益比与公司所采用的监管制度（严格或宽松）无关。我们还得出结论，尽管自愿减排投资存在，环境政策仍有空间。

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