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Welfare improvement properties of an allowance market in a production economy

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Author Info
Antoine Mandel () (CES - Centre d'économie de la Sorbonne - CNRS : UMR8174 - Université Panthéon-Sorbonne - Paris I)

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Abstract

This paper studies the welfare improvement properties of a market of allowances in an economy with a single type of externality. We show that thanks to the opening of such a market the Pareto optima can be decentralized as marginal pricing equilibria. However, the set of equilibria is much larger than this of Pareto optima. In order to discriminate the efficient equilibria we introduce a demand revealing mechanism tailored for this framework.

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Publisher Info
Paper provided by HAL in its series Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) with number halshs-00155803_v1.

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Date of creation: May 2007
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Handle: RePEc:hal:cesptp:halshs-00155803_v1

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Related research
Keywords: General equilibrium theory; Pareto optimality; externalities; markets of allowances.;

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