Environmental Policy and Mergers in Polluting Oligopolies
Bibliographic record
Abstract
This paper examines the pro…tability of mergers in polluting oligopolies where …rms are charged a tax per unit of emissions. We determine the impact of the imposition of the emissions tax on the pro…tability of a merger. We consider two scenarios. In the …rst scenario, the tax on pollution is considered given and, in particular, is not changed subsequent to a merger. In the second scenario, we compute the e¢ ciency inducing tax designed by a regulator. This tax depends on the number of …rms. We study the pro…tability of a merger when the emissions tax is optimally adjusted post-merger. We …nd that mergers are more pro…table when the tax adjusts optimally to the post-merger industry structure. Secondly, mergers are more pro…table when the tax depends on the stock of pollution accumulated over time, rather than on the current emissions by the …rms. Thirdly, we show that by allowing the tax to optimally adjust subsequent to a merger, rather than letting it remain unchanged, we increase current welfare at the expense of future welfare and cause greater damage to the environment.
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How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.001 | 0.005 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.001 | 0.001 |
| Bibliometrics | 0.001 | 0.001 |
| Science and technology studies | 0.002 | 0.002 |
| Scholarly communication | 0.002 | 0.002 |
| Open science | 0.000 | 0.001 |
| Research integrity | 0.001 | 0.001 |
| Insufficient payload (model declined to judge) | 0.005 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".