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1、外文文献翻译原文：InformationDisclosureasEnvironmentalRegulation:ATheoreticalAnalysisAbstractGovernmentsaroundtheworldarebeginningtoembraceanewformofenvironmentalregulation–mandatorydisclosureofinformation.Whileinformationdisclosureprogramsappeartohaveanimpactonsubsequentfirmbe
2、havior-oftenresultinginlowerlevelsofpollution-littleisknownaboutthecostsandbenefitsoftheseprogramsandwhetherornottheyenhancesocialwelfare.Thispaperpresentsasimplebargainingmodelwheremandatoryinformationdisclosureisusedtoovercomealackofinformationonthepartofthepublic.We
3、characterizetheconditionsunderwhichinformationdisclosurewillleadtoareductioninemissions,andultimately,theconditionsunderwhichitwillenhancesocialwelfare.Severalextensionsofthemodelarebrieflyexplored,includingtheeffectoftwosourcesofpollution-onlyoneofwhichissubjecttoinfo
4、rmationdisclosure1.IntroductionGovernmentsaroundtheworldarebeginningtoembraceanewformofenvironmentalregulation–mandatorydisclosureofinformation.Perhapsthebest-knownexampleistheToxicReleaseInventory(TRI)programintheU.S.,wherebyfirmsarerequiredtodiscloselegallyemittedche
5、micalreleases.TRIhasbroughtaboutsignificantreductionsinchemicalemissions.Forexample,totalon-siteandoff-sitereleasesoftoxicemissionsarereportedlydownby45.5%between1988and1999(EPA,2001:TableE-6).Otherdisclosureprogramshavefocusedondrinkingwatersafetyandriskmanagementplan
6、sforchemicalreleases.1Similarprogramshavebeeninstitutedinothercountriesandcontexts,includingIndia,Indonesia,Philippines,Colombia,MexicoandBrazil(Afsah,LaplanteandWheeler,1996).Themechanismsbywhichinformationdisclosureprogramsleadtoreductionsinpollutionarevariedandstill
7、beingstudied(seee.g.,Maxwell,LyonandHackett,2000;andKonarandCohen,2000).Dependingonthecontext,consumersmaydecidetoreduceorwithdrawfromconsumingtheproductofafirmthatisahighpolluter.Investorsmayshunthestockoffirmsthatarefoundtobehighpolluters–eitherthroughsociallyactivei
8、nvestmentdecisionsorbyanassessmentthathighlypollutingfirmswillultimatelybelessprofitable.Victims2maybringaboutpressur
