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Représentation théorique des marchés de permis négociables

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    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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    File URL: ftp://mse.univ-paris1.fr/pub/mse/cahiers2004/R04042.pdf
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    Paper provided by Université Panthéon-Sorbonne (Paris 1) in its series Cahiers de la Maison des Sciences Economiques with number r04042.

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    Length: 9 pages
    Date of creation: Apr 2004
    Date of revision:
    Handle: RePEc:mse:wpsorb:r04042
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    1. Robert N. Stavins, 2007. "Environmental Economics," NBER Working Papers 13574, National Bureau of Economic Research, Inc.
    2. J. H. Dales, 1968. "Land, Water, and Ownership," Canadian Journal of Economics, Canadian Economics Association, vol. 1(4), pages 791-804, November.
    3. Nathalie BERTA, 2000. "Le marché dans les modèles de Gérard Debreu," Discussion Papers (REL - Recherches Economiques de Louvain) 2000033, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
    4. Montgomery, W. David, 1972. "Markets in licenses and efficient pollution control programs," Journal of Economic Theory, Elsevier, vol. 5(3), pages 395-418, December.
    5. Hahn, Robert W., 1982. "Market Power and Transferable Property Rights," Working Papers 402, California Institute of Technology, Division of the Humanities and Social Sciences.
    6. Joskow, Paul L & Schmalensee, Richard & Bailey, Elizabeth M, 1998. "The Market for Sulfur Dioxide Emissions," American Economic Review, American Economic Association, vol. 88(4), pages 669-85, September.
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