Emissions Trading, Electricity Industry Restructuring and Investment in Pollution Abatement



Table 4: Measures of Data Fit

Technology fixed effects only

CLI

CLII

RPL

Log-Iikelihood value

-1008.10

955.04

917.17

783.61

at convergence

Number of parameters

8

10

14

20

LR test statistic

-

106.12

75.74

267.12

p-value

<0.001

<0.001

<0.001

Table 5: Average Capital Cost and Variable Compliance Cost

Marginal Effects for Commonly Selected Technologies(RPL)

Technology

Capital cost marginal effects

Variable cost marginal effects

Regulated

Restructured

Regulated

Restructured

CM

-0.051

-0.090

-0.072

-0.109

LNB

-0.125

-0.204

-0.147

-0.246

SCR

-0.008

-0.013

-0.043

-0.049

SNCR

-0.045

-0.075

-0.081

-0.119

Table 6: Elasticities of Choice Probabilities with Respect to Capital Cost

for Commonly Selected Technologies

Technology

CLI

RPL

Regulated

Restructured

Regulated

Restructured

CM

-0.12

-0.55

-0.99

-1.70

LNB

-0.18

-0.32

-1.40

-2.29

SCR

-0.67

-1.46

-6.22

-10.76

SNCR

-0.14

-0.22

-1.05

-1.76

Table 7: Elasticities of Choice Probabilities with Respect to Variable Compliance
Costs for Commonly Selected Technologies

Technology

CLI

RPL

Regulated

Restructured

Regulated

Restructured

CM

-1.33

-1.43

-3.17

-5.22

LNB

-1.11

-1.23

-2.53

-4.02

SCR

-0.79

-1.14

-2.20

-3.76

SNCR

-2.13

-2.19

-4.65

-7.40

43



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