Effets des permis de pollution sur l'accumulation du capital dans le cadre des modèles à générations imbriquées

Pierre-André Jouvet, Philippe Michel and Jean-Pierre Vidal

Economie & Prévision, 2002, vol. 156, issue 5, 63-72

Abstract: The authors use an overlapping-generations model to study the effects of the introduction of a market for pollution permits and the effects of a variation in the number of permits on long-term capital accumulation. Pollution permits, viewed as a private right on the environment, lead to arbitrage between physical capital and environmental capital. The authors show that the effects can be negative or positive, depending on production function elasticities and agents? preferences. The study, with log-linear utility functions and CES production functions, underscores that the positive effects on production and wages dominate the arbitrage effect on savings when factors are complementary to each other and also, inversely, if they are sufficiently substitutable.

Keywords: environment; overlapping generations; pollution (search for similar items in EconPapers)
Date: 2002
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Citations: View citations in EconPapers (2)

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Related works:
Journal Article: Effets des permis de pollution sur l’accumulation du capital dans le cadre des modèles à générations imbriquées (2002)
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