Représentation théorique des marchés de permis négociables
The question at stake is that of the theoretical representation of marketable permits. The setting up of such markets to regulate pollution problems is justified by constant reference to the efficiency of market coordination. Indeed, Montgomery established in 1972 the existence of an efficient solution - enabling the respect of environmental norms at the lowest cost. Nevertheless, the problem of the exchange process, of prices formation on these markets is generally eluded and efficiency of market coordination is implicitly assumed.
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- Robert N. Stavins, 2007.
NBER Working Papers
13574, National Bureau of Economic Research, Inc.
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"Market Power and Transferable Property Rights,"
The Quarterly Journal of Economics,
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- J. H. Dales, 1968. "Land, Water, and Ownership," Canadian Journal of Economics, Canadian Economics Association, vol. 1(4), pages 791-804, November.
- Montgomery, W. David, 1972. "Markets in licenses and efficient pollution control programs," Journal of Economic Theory, Elsevier, vol. 5(3), pages 395-418, December.
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