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Welfare Improvement Properties of an Allowance Market in a Production Economy

  • Antoine Mandel

    ()

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

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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Paper provided by HAL in its series Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) with number hal-00633358.

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Date of creation: 01 Apr 2009
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Publication status: Published, Annals of Economics and Statistics, 2009, 93/94, 67-77
Handle: RePEc:hal:cesptp:hal-00633358
Note: View the original document on HAL open archive server: http://hal.archives-ouvertes.fr/hal-00633358
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  1. Jean-Marc BONNISSEAU, 1994. "Caractérisation des optima de pareto dans une économie avec effets externes," Annales d'Economie et de Statistique, ENSAE, issue 36, pages 97-112.
  2. Stefani C. Smith & Andrew J. Yates, 2003. "Should Consumers Be Priced Out of Pollution-Permit Markets?," The Journal of Economic Education, Taylor & Francis Journals, vol. 34(2), pages 181-189, January.
  3. Conley, John P. & Smith, Stefani C., 2005. "Coasian equilibrium," Journal of Mathematical Economics, Elsevier, vol. 41(6), pages 687-704, September.
  4. Boyd, John III & Conley, John P., 1997. "Fundamental Nonconvexities in Arrovian Markets and a Coasian Solution to the Problem of Externalities," Journal of Economic Theory, Elsevier, vol. 72(2), pages 388-407, February.
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