Gilles Rotillon (SEGMI Université Paris X-Nanterre) Pierre-André Jouvet (GREQAM, Université de la Méditerranée and GAINS, Université du Maine) Philippe Michel (GREQAM, Université de la Méditerranée et EUREQua, Université Paris I)
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In this paper we present the main results of three original studies on the equilibrium with a market of tradeable permits in a static framework. In first study, we have considered an international equilibrium of two countries which depend on the quantity of permits to each country. The allocation is efficient if and only if it is proportional to efficient labor. A redistribution in favor of the less developed country implies a redistribution to this country but leads to a dilemma with efficiency. In the second study, we analyze the consequences of the choice between giving free permits to firms and other possibilities. We show that for equalizing incomes of production factors with there marginal productivities, each factor should receive a quantity of free permits proportional to its contribution to production. In the third study, we consider the partial equilibrium of an industry where each firm is characterized by a parameter combining production efficiency and pollution effect. We define a theoretical indicator of environmental efficiency and we analyze its properties.
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Paper provided by Fondazione Eni Enrico Mattei in its series Working Papers with number
2004.94.
Find related papers by JEL classification: D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General F02 - International Economics - - General - - - International Economic Order; Noneconomic International Organizations;; Economic Integration and Globalization: General F18 - International Economics - - Trade - - - Trade and Environment
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Stokey, Nancy L, 1998.
"Are There Limits to Growth?,"
International Economic Review,
Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 39(1), pages 1-31, February.