The opinions and results mentioned in this paper do not reflect the position of the Institution CREA Discussion : s Discussion Paper available online : http://fdef.uni.lu/index.php/fdef_FR/economie/crea C C C R R R E E E A A A D D D i i i s s s c c c u u u s s s s s s i i i o o o n n n P P P a a a p p p e e e r r r 2 2 2 0 0 0 1 1 1 5 5 5 - - - 0 0 0 1 1 1 Economics The effects of Environmental Quality Misperception on Investments and Regulation available online : http://wwwfr.uni.lu/recherche/fdef/crea/publications2/discussion_papers Luca Lambertini, Department of Economics, University of Bologna¨ Giuseppe Pignataro, Department of Economics, University of Bologna Alessandro Tampieri, CREA, Université du Luxembourg January, 2015 For editorial correspondence, please contact: crea@uni.lu University of Luxembourg Faculty of Law, Economics and Finance 162A, avenue de la Faïencerie L-1511 Luxembourg Center for Research in Economics and Management University of Luxembourg