Welfare Improvement Properties of an Allowance Market in a Production Economy

Antoine Mandel

Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) from HAL

Abstract: 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.

Date: 2009-04-01
Note: View the original document on HAL open archive server: https://hal.science/hal-00633358v1
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Published in Annals of Economics and Statistics, 2009, 93/94, pp.67-77

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Related works:
Working Paper: Welfare Improvement Properties of an Allowance Market in a Production Economy (2009)
Working Paper: Welfare improvement properties of an allowance market in a production economy (2007)
Working Paper: Welfare improvement properties of an allowance market in a production economy (2007)
Working Paper: Welfare improvement properties of an allowance market in a production economy (2007)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:cesptp:hal-00633358

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