Environmental performance and equilibrium
研究发现企业的环境绩效排名不仅取决于技术，还受市场均衡影响；两个行业面临相同环境约束时，产出更高的行业更生态高效，但排名会因市场结果而改变，因此常用生态效率指标不恰当，并提出了一个更合理的指标。
Abstract. In this paper we show why firms' or industries' rankings in terms of environmental performance depend not only on the technology but also on market equilibrium. Between two industries committed to the same environmental constraint, the more eco‐efficient is the one with the higher output level. By comparing industries and firms, we show that the rankings are not robust, for they are affected by market outcome. The role of eco‐efficiency in firms' profitability in equilibrium is also scrutinized. All this shows that the usual eco‐efficiency indicators are inadequate. To tackle this problem, we propose a sound indicator.