Climate change and regulation of nitrogen loads under moral hazard
研究了欧盟流域管理局在道德风险下分配国际资金用于氮减排的机制，发现气候变化风险中等且流域管理局获得高额最低补偿时，道德风险成本可能很高。
Within the European Union, it is agreed that watershed-based management of water quality problems is more efficient than centralised arrangements. In this study, a mechanism for allocating international funds to watershed authorities for nitrogen abatement in the presence of moral hazard is investigated. The results show that when there is a risk of climate change, the cost of moral hazard to the international funding agency can be high if there is a moderate likelihood of climate change and the watershed authority is guaranteed a high minimum compensation.