Firm Dynamics with Tradable Output Permits
研究可交易产出许可证管理的自然资源行业中，企业动态、企业价值、均衡许可证价格及市场效率，分析资本成本与许可证成本对进入退出决策的影响。
Abstract We study firm dynamics, firm value, equilibrium permit prices and market efficiency in a natural resource industry that is managed with tradable output permits. New firms must purchase capital and output permits before they enter. Active firms must consider the economic cost of capital and the cost of owning the permit when contemplating exit. The value of the capital used in the production process has nonseparable effects on permit prices and market efficiency. Costly investment reversibility (in the firm's productive capital) and uncertainty reduce permit prices and prolong the abandonment of unproductive capital. Policies to improve economic performance are identified.