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  • Technology Adoption under N...
    Carbonell-Nicolau, Oriol

    The B.E. journal of theoretical economics, 01/2024, Letnik: 24, Številka: 1
    Journal Article

    This paper shows that, in the presence of negative production external effects (e.g., waste, pollution), market-driven technology adoption is socially inefficient. Two distinct market structures are considered within the neoclassical framework: perfect competition and monopoly. In both cases, there is a range of cost structures under which firms prefer the adoption of inferior technologies. A number of policy instruments are considered in terms of their welfare enhancing properties.