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We explore the design of self-financing tax-subsidy schemes to solve hold-up prob- lems in environmental regulation. The announcement of the tax rate seems to be preferable to solve hold-up problems with respect to the investment in environmental R&D. In contrast, only the announcement of the subsidy rate is adequate to solve hold-up problems with respect to the licencing of environmentally friendly technolo- gies. Altogether, the announcement of the subsidy rate yields a higher expected social welfare than the announcement of the tax rate or the standard emission taxation, if

Hold-Up Problems with Respect to R&D Investment and Licensing in Environmental Regulation