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In this paper the authors analyze the relationship between technological greening, eco-efficiency and no-regret strategies. By using a simple theoretical model, they evaluate the effects of technological greening on creation value, pollution level, and eco-efficiency. They show three contrasting effects of technological greening. First, technological greening may increase the pollution of a firm, and also of the whole industry. Second, the indicator of eco-efficiency can be misleading because it may improve in situations where pollution increases and/or profit decreases after technological greening. Third, technological greening that induces an improvement of the eco-efficiency indicator does not necessarily lead to a no-regret strategy. As a result, the indicator should not be used for decision making.
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