Extending the cost function: A simple method of modeling environmental regulation

Udo Ebert

Economics Bulletin, 2006, vol. 17, issue 6, 1-6

Abstract: The paper shows that a variety of different scenarios in environmental economics can be modeled by one abstract concept, an extended cost function, which takes into account a firm's technological and regulatory constraints. It satisfies the usual properties of a cost function and reasonable properties with respect to the regulatory parameter. An extended cost function represents a simple unified approach which does not depend on the specific form of regulation and the way emissions are modeled.

JEL-codes: H3 Q2 (search for similar items in EconPapers)
Date: 2006-11-28
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