The subsidy policies have been being implementedas instruments to leverage the uptake levelof greenproducts or technologies. However, the fact shows that the occupation level of such products or technologies is still low for a certain industrysuch as electric vehicle. In this study,we investigate two subsidy policies and their impacts ina market comprising two vertically differentiatedproducts, one is greener thanthe other.We consider two subsidy policies namely subsidy for firm and subsidy for consumer policies. Under the subsidy for firm policy, a regulator subsidizes the firm who produces the greener product while under subsidy for consumer policy, the regulator subsidizes the consumers who buy the greener product. We set the scope onconsumers who possess the same characteristics such as preferences and green awarenesslevel. We incorporate the reference-dependent preferences theory to derive consumers’ decisionson buying the green or less green productsunder the influence of each subsidy. Given our specific framework, the counterintuitive theoretical result shows that subsidy for firm policy is capable to induce higher level of the adoption of green products than subsidy for consumer policy.
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