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A;:: [Link] c.,s -1 ,el ¡o1.1blic f...,J5 -}. co lle Gt o\-=.') Cos t= {c;,1.1))
Soc,' ,,1 J,·Lt¡ o{ tr~mfev-rlfl) t : = /\l.
2e. :~ 5<><- ,.. ¡ bc,i~ Í,{ •~ J!co,1~.,,·.~0 \,o vi

de c(7(l\-"lm ,'v,,,J o1r¡ l (9) /\ lr-a11 S f{'r t' (e)

L 11._y t.- e ec,

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1
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(e,1.1,)

s.~ . v. 3?. o --l) (P. c.)

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;)(2
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I
= _;,__.-
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 C .'f'. O .

~ . =: -( 1ü ) 0Z e. (0¡ ~(e)-= O
é) a. (G)

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(1 +)-)e z(e )

.:ifí _:...\_ _
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S/el j @

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~/e, ) JJ

=01..(e) = 111a) +[~-- - - - - ;l

Ls [(1n)e +), f(e)A (e)] 'J
1 J ~J<- ~ce) :
0
J9e(x)Jx
0

l:(eJ, LJ; (½[ (H>J><+A ¡/,jl(,J]) Jxl o[ ···]

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= [ ( ~ ) [1, 1,,J:1' [-.-] º [ (,:,\)l )1/, /2)- \n/.9))] t [ ··J

., ·• Ta~ bie~ se rueJt ex f'~ ar t"

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,;¡( '();Cl'l (.J~,. Soda-\ (w)
 Problem 8
We consider a firm which has a revenue R. but creates a level of pollution x from its activities. The
damage created by the level of pollution x is D(x) with D(x) >0.D"(r) >20. The production cost of the
firm is C(x. 8). with C <0, Cu >0 and is a parameter known only to the firm. which can take two
values {6. 9} and v = Pr(6 0) is common knowledge.
=

I. The level of pollution r"(6) corresponding to the complete information optimum is characterized
by
D(x) +C(x, 0) =0.
Show that. if the regulator is not obliged to satisfy a participation constraint of the firm. he can
implement r"(0) by asking a lransfer equal to the cost of damage up to a constant.
2. Suppose now that the firm can refuse to participate (but in this case has a zero utility level) and
assume that the regulator has (up to a constant) the follow ing objective function

W=-Dr) -(1+2 +1- Cx. 0) 4)

where is the transfer from the regulator to the firm and 1 +2 is the opportunity cost of social
funds. When the regulator must satisfy the firm's participation constraint

-Clx.0) 20 for all 6.

characterize the decision rule i(0). 0 E {0. e}. which maximizes W under complete information.
Compare with Problem 1.

3. We assume in addition that Ce<0 and Ce <0. Determine the menu of contracts ( . ) and (7. i)
which maximize the expectation of ( ) under participation and incentive constraints of the fim.

4. Same problem when 0 is distributed according to the distribution F(®) with density f(6) on the
interval (9. 6 with
d (1-t()<0. Ci 0 0and Cee 0.
de

le ma ue el
obje tivo d requla dor
vnay Dc - C(r, o)

non ees x°(0) Va C

C(x,a) - D ) 4 Cr(X,o)-o
x*(O) no emes
t C (x 0) + e
 a x - x ) - (1 + A)t +f-C(x,0

s. +C(X, 20 Ve Te)
- cx) -

(1 +A)t + t -

(( x,0) +1 (t CX,0)
CPo
=-(4a}+ +M =0 AM

x-D'x) Cx,e) -MG(x6) - o

-DCx) -

(+/1CxK, e) =
ftoemy
ftremoy

in eyJo hin terio

,e satur x"6) Je
cGtcen2a

-C(x a)
S e de Ser obv do ten cmo

Hax v-Dr)-1- C(, a)j+(1-v)-0-t -C(x

x,4,¬}1
-Ce)>o (1R 1)
-c(, õ) >o (IR2)
 - CX,e) 2 t - c(x, e) . (TC.
c(X,0 (TC2)
t-C(,à )2 t - - .

Com C0 Cten ces, de C2

- CC,E)2 t- C(x, D) > t -c(X, 0)

Dado que ta mo 1 kImG1 de el bren ey far
socIa, vamoS a hacer o ma pepueno
pos,ble as - c(X, e) =6, e1 se se, fura

- C6)
, >{-c(X, E)20
ena
S como querCmos Uat Mini re C 2 Se sa fur

cR,9)-c(,

C7, b) +E(Xa) cex, 9) -

pfo ble m Se e dasee CA

na [-DrR)-a( + -C(x,õ)) - J
v-DX)-2(S) - e ]

X: v[-( S -C (X )J +(-vfoio-(1a) 7-0

:VE DR) -(14A) C=o
 eneno

AVC(x,õ)-1vC,x,e)-D(x)-t-UC,9)

tV0x) +v(i+a) Cx X, e)
= o

p'x)- (14 A) C; (F, T) = 0

x(G) (6) efaon caaefeun?4 dos

Po

-v) Cy(X, G) -(1-v)0(x)

= O
(1-A
AVCy¥,7)
-

DCK)-I+a)C(F,E)=O

CC B) C(LP)+CC6)-CETG
prs bre ma nsra SerG

-DCx)-A -CCX0)]fre)de
x,t (1e)
Yeelh,J
S.
-
c(x, 0) 70
t(o) -c(x10), 0) > t(ë)-c(76), 0) Vôcle61(1c
t()- c(x(6),4)
Po pro po 6n 1 vJh nen
mx
C-Dx)- 2t--c(x.a)f6) Je
x, t
S. t(e)-c (x e) 20
Foc)
tt8)-CCx, 0) o

x0) o
Comb (1R)Se Safur pr -(0)- c(x ?) =o
argmax t(6) (x(6)-e)

=ule)- é (0)-c (X(®), )

a9) = &ia)-L CpiKla 8)j +CyiKte), 9A'(G)
FOC '(9) - Cx CX tG), 9)x 9

Ere)-Cy CX () 0]xCe)
L e vodu be ene mo
el eoren

u'e) tre) -C6(X(0), 0) -C X), 0) X'(0)

u'o)- (,(x/4), Gb) u l e ) = -
C

E (e)c(XG), e) + e(oe)

Suathhyd font,on oevo

 ma-0tx)- Alc(xO),0) +Lros]- c(xo)]4eJd0
ix
Coma

Se
= Rô) *
C,r1o) e) F(od6
CCXe),o) de C (k(o),e)Fra) Je

te))
e prob/e na
-(1 +3jCCK,5) + 2C (x, o) ere)] Pro) ie
a

x T-Dtx)
Je

2 Cu e HHR

(0)
A3 CPo
Dx)-(1+a)C X,o) + ACa (X, O) E (o) - o

-Cg(xe) (e) -0 ()(143)C% (x ) o

Crtt t i t al op Cimo