The Dynamics of Pollution Permits

Author:

Hasegawa Makoto1,Salant Stephen23

Affiliation:

1. National Graduate Institute for Policy Studies (GRIPS), Tokyo 106-8677, Japan;

2. Department of Agricultural and Resource Economics, University of Maryland, College Park, Maryland 20742;

3. Resources for the Future, Washington, DC 20036

Abstract

We review the literature on bankable emissions permits that has developed over the last two decades. Most articles analyze either theoretical or simulation models. The theoretical literature considers the problem of minimizing the discounted sum of social costs and the possibility of decentralizing the solution through competitive permit markets. In some cases, authors do not explicitly consider pollution damages but instead assume that the planner’s goal is to minimize the discounted social cost of reducing cumulative emissions by a given amount. In other cases, authors do not explicitly consider an emissions reduction target but assume that the goal is to minimize the discounted sum of pollution damages and abatement costs. Simulations permit evaluation of alternative government policies under uncertainty. We conclude by pointing out directions for future work.

Publisher

Annual Reviews

Subject

Economics and Econometrics

Cited by 9 articles. 订阅此论文施引文献 订阅此论文施引文献,注册后可以免费订阅5篇论文的施引文献,订阅后可以查看论文全部施引文献

1. Emissions trading with rolling horizons;Journal of Economic Dynamics and Control;2021-04

2. Dynamic supply adjustment and banking under uncertainty in an emission trading scheme: The market stability reserve;European Economic Review;2019-09

3. Permit trading with flow pollution and stock pollution;Journal of Environmental Economics and Management;2018-09

4. Banking on banking: does “when” flexibility mask the costs of stringent climate policy?;Climatic Change;2017-08-17

5. What ails the European Union׳s emissions trading system?;Journal of Environmental Economics and Management;2016-11

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