First-and second-best allocations under economic and environmental uncertainty
George Economides () and
No 2010-99, SIRE Discussion Papers from Scottish Institute for Research in Economics (SIRE)
This paper uses a micro-founded DSGE model to compare second-best optimal environmental policy and the resulting allocation to first-best allocation. The focus is on the source and size of uncertainty, and how this affects optimal choices and the inferiority of second best vis-Ã -vis first best.
Keywords: General equilibrium; uncertainty; environmental policy; second best (search for similar items in EconPapers)
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Journal Article: First-and second-best allocations under economic and environmental uncertainty (2013)
Working Paper: First-and second-best allocations under economic and environmental uncertainty (2010)
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Persistent link: https://EconPapers.repec.org/RePEc:edn:sirdps:230
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