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Investment subsidies and time-consistent environmental policy
Authors:Abrego, Lisandro   Perroni, Carlo
Affiliation:"*"International Monetary Fund, Washington DC
"{dagger}"Department of Economics, Warwick University, Coventry CV4 7AL, UK; email: c.perroni{at}warwick.ac.uk.
Abstract:We describe a model of dynamic pollution abatement choices withheterogeneous agents where, due to the presence of a distributionalobjective and to the absence of incentive-compatible compensationmechanisms, the choice of a second-best level of emission taxationis time-inconsistent. In this model, we investigate whetherinvestment subsidies can act as a substitute for policy commitment.
Keywords:
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