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Intertemporal transfers of emission quotas in climate policies |
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| Authors: | Thierry Bréchet Stéphane Lambrecht Fabien Prieur |
| Institution: | 1. Center for Operations Research and Econometrics (CORE) and Louvain School of Management, Chair Lhoist Berghmans in Environmental Economics and Management, Université catholique de Louvain, Voie du Roman Pays 34, B-1348 Louvain-la-Neuve, Belgium;2. Laboratoire EQUIPPE, Universités de Lille, Faculté des Sciences Economiques et Sociales, Université des Sciences et Technologies de Lille, 59655 Villeneuve d''Ascq, France, and Center for Operations Research and Econometrics (CORE), Université catholique de Louvain, Belgium;3. IREGE, University of Savoie, and LAMETA, 4 chemin de Bellevue, 74944 Annecy-le-Vieux, France |
| Abstract: | We are interested in situations in which governments are committed to some pollution abatement constraint which does not match the society's most preferred level of pollution, like in the current climate change policies undergone on behalf of the Kyoto protocol. We develop an overlapping generations model with capital and pollution in which the individuals care about the environmental quality. We show that slightly improving the intertemporal flexibility of the emission quotas by authorizing two-period backward and forward transfers allows to decentralize the whole optimal growth path at competitive equilibrium. |
| Keywords: | D91 Q20 D64 |
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