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)
KAgeRestructured	—	-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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