Markets for Tradeable Emission and Ambient Permits: A Dynamic Approach
This paper discusses trade mechanisms in pollutionpermit markets. Proofs are given, that sequential,bilateral trade in tradeable emissions permitsconverges to a market equilibrium with minimal totalcosts of pollution control. If ambient or depositionpermits are traded, the convergence of bilateraltransactions occurs only in the case of a singlereceptor. For multiple receptors, the proof ofconvergence for tradeable emissions and ambientpermits is given for two trade mechanisms: sequential,multilateral trade and a Walrasian auction. Copyright Kluwer Academic Publishers 2000
Volume (Year): 15 (2000)
Issue (Month): 1 (January)
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