Emissions Trading, Electricity Industry Restructuring and Investment in Pollution Abatement



Table 3. Conditional and Random Parameters Logit Results

CLI

CLII

RPL

Technology Fixed Effects

&SNCR

-1.91**

-1.86**

-0.94*

(0.30)

(0.30)

(0.40)

&SCR

-0.97**

-0.55**

0.82**

(0.19)

(0.20)

(0.38)

асм

-1.77**

-1.77**

-1.18

(0.29)

(0.28)

(0.38)

&OFA

-1.70**

-1.64**

-1.45**

(0.35)

(0.33)

(0.42)

aiNBi

-1.59**

-1.41**

-0.13

(0.33)

(0.53)

(0.51)

&LNC2

-2.27**

-2.15**

-0.67

(0.42)

(0.44)

(0.56)

O-LNC3

-2.31**

-2.36**

-1.84**

(0.53)

(0.53)

(0.57)

&LNB

-0.40

-0.44**

-0.27

(0.39)

(0.43)

(0.50)

Cost Variables

Annual operating cost (V)

-0.30**

-0.33**

-0.80**

($100,000)

(0.06)

(0.06)

(0.15)

σv

-0.90**

(0.16)

V*Restructured

-

-0.01

-0.51**

(0.07)

(0.16)

σvR

0.69**

(0.13)

Capital cost (K)

-0.08**

0.01

0.21

($100,000)

(0.01)

(0.04

(0.14)

<κ

0.15**

(0.05)

K*Restructured

0.04

0.16

(0.04)

(0.23)

σκR

0.48**

(0.10)

K*Age

-0.04**

-0.20**

(0.02)

(0.07)

σκA

0.06**

(0.02)

K*Age*Restructured

-0.02*

-0.13*

(0.01)

(0.06)

σκAR

0.02

(0.01)

Log-likelihood

-955.04

-917.16

-783.61

Robust standard errors are in brackets. The age interaction variables are scaled by 0.1.

*Indicates significance at 5%. **Indicates significance at 1%.

42



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