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This paper aims to calibrate carbon price trajectories that maximize social welfare where banking and borrowing rules are applied.

Typically, there has been a consensus that banking and borrowing rules within the cap-and-trade system improve social welfare. This additional flexibility can achieve compliance cost smoothing by transferring carbon permits inter-temporally; however, there is also a side effect. Regulated agents have the freedom to escape from the given emissions limit by reallocating previously granted permits.

The market system’s flexibility can cause environmental damage by deviating annual or periodic emission limits, which can invalidate the original purpose of cap-and-trade. This paper demonstrates how the socially desirable price trajectory differs from the one that favors the private sector.

Few studies have focused on the negative effects of combining the cap-and-trade with the inter-temporal regulation (banking and borrowing), which most policymakers and regulated firms can easily miss.

Successful social marketing campaign to promote COVID-19 vaccination for the unvaccinated relies on increasing positive reactions but also reducing negative responses to persuasive messages. This study aims to investigate the relative effects of narrative vs non-narrative public service announcements (PSAs) promoting COVID-19 vaccination on both positive and negative reactions. Using social media as a tool for disseminating marketing campaigns provides a great opportunity to examine the effectiveness of narrative PSAs on vaccination intention, especially among unvaccinated young adults, who were the target audience of the social marketing. This study explores the role of empathy and psychological reactance as underlying mechanisms.

An experiment involving unvaccinated young adults was conducted with a one-factor, two-condition (message type: narrative vs non-narrative) design.

Results indicated that the narrative (vs non-narrative) PSAs led to greater empathy. While no direct effects of message type emerged on psychological reactance or vaccination intention, results of a serial multi-mediator model confirmed that empathy and psychological reactance mediated the effects of message type on vaccination intention.

The study extends the understanding of narrative persuasion by examining an underlying mechanism behind narrative persuasion in a COVID-19 PSA. This study provides empirical evidence of the important role of empathy in processing narrative PSAs. Moreover, the current study expands narrative persuasion’s applicability to COVID-19 vaccination intervention messages for unvaccinated young adults, highlighting the effectiveness of narrative persuasion as a social marketing communication tool.