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The Political economy of environmental policy with overlapping generations

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  • Karp, Larry
  • Rezai, Amon

Abstract

A two-sector OLG model illuminates previously unexamined intergenerationaleffects of a tax that protects an environmental stock. A traded asset capitalizes the economic returns to future tax-induced environmental improvements, benefiting the current asset owners, the old generation. Absent a transfer, the tax harms the young generation by decreasing their real wage. Future generations benefit fromthe tax-induced improvement in environmental stock. The principalintergenerational conflict arising from public policy is between generationsalive at the time society imposes the policy, not between generations alive at different times. A Pareto-improving policy can be implemented under various political economy settings.

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Bibliographic Info

Paper provided by Department of Agricultural & Resource Economics, UC Berkeley in its series Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series with number qt67v8k1v5.

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Date of creation: 07 May 2012
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Handle: RePEc:cdl:agrebk:qt67v8k1v5

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Keywords: Life Sciences; Social and Behavioral Sciences; open-access resource; two-sector overlapping generations; resource tax; generational conflict; environmental policy; dynamic bargaining;

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Cited by:
  1. Armon Rezai & Frederick van der Ploeg, 2014. "Abandoning Fossil Fuel; How fast and how much?," OxCarre Working Papers 123, Oxford Centre for the Analysis of Resource Rich Economies, University of Oxford.
  2. Armon Rezai, 2011. "The Opportunity Cost of Climate Policy: A Question of Reference," Scandinavian Journal of Economics, Wiley Blackwell, vol. 113(4), pages 885-903, December.

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