Market Imperfections Shape Policy Impact on Economy, Society, and Environment.
The article compares two types of economic models used to study the environment and economy. One type assumes perfect competition in markets, while the other considers market imperfections. The researchers found that these different approaches lead to varying results when evaluating the effects of policy tools on the economy, society, and the environment. The way the models are built and how policies are implemented also influence the outcomes of the studies.