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Financing the adoption of environment preserving technologies via innovative financial instruments: an evolutionary game approach

Antoci, Angelo and Dei, Roberto and Galeotti, Marcello (2009) Financing the adoption of environment preserving technologies via innovative financial instruments: an evolutionary game approach. Nonlinear Analysis, Vol. 71 (12), p. 952-959. ISSN 0362-546X. Article.

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DOI: 10.1016/j.na.2009.01.077

Abstract

The main objective of the paper is to analyze the effects on economic agents’ behavior deriving from the introduction of an environmental protection mechanism that allows the exchange of financial activities among visitors to a region R, firms operating in the region R and the Public Administration. The resulting “financial market” is regulated by the Public Administration, but mainly fuelled by the interests of firms and visitors.
The aim of the paper is to study the dynamics that arise in such a financial market from the interaction between the economic agents and the Public Administration. The evolution of visitors and firms’ behavior is modeled using the so-called replicator dynamics, according to which a given choice spreads among the population as long as its expected payoff is greater than the average payoff. From the model it emerges that such a dynamics may lead to a welfare-improving attractive Nash equilibrium in which all firms adopt the environment-friendly technology.

Item Type:Article
ID Code:3389
Status:Published
Refereed:Yes
Uncontrolled Keywords:Replicator equations, evolutionary dynamics, environment preserving technologies, financial options
Subjects:Area 13 - Scienze economiche e statistiche > SECS-S/06 Metodi matematici dell'economia e delle scienze attuariali e finanziarie
Divisions:001 Università di Sassari > 01 Dipartimenti > Economia, impresa, regolamentazione
Publisher:Pergamon / Elsevier
ISSN:0362-546X
Copyright Holders:© 2009 Elsevier
Deposited On:13 Jan 2010 13:54

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