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Welfare improvement properties of an allowance market in a production economy

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Author Info
Antoine Mandel () (Centre d'Economie de la Sorbonne)

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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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File URL: ftp://mse.univ-paris1.fr/pub/mse/CES2007/B07029.pdf
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Publisher Info
Paper provided by Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne in its series Documents de travail du Centre d'Economie de la Sorbonne with number b07029.

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Length: 13 pages
Date of creation: May 2007
Date of revision:
Handle: RePEc:mse:cesdoc:b07029

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Web page: http://ces.univ-paris1.fr/
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Related research
Keywords: General equilibrium theory; Pareto Optimality; externalities; markets of allowances.;

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Find related papers by JEL classification:
D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
D62 - Microeconomics - - Welfare Economics - - - Externalities
Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters
Q58 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Government Policy

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This page was last updated on 2009-12-22.

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