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Title of Journal: Econ Theory

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Abbravation: Economic Theory

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Springer-Verlag

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10.1007/978-1-4612-0885-3_2

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1432-0479

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Taxes versus quantities for a stock pollutant with

Authors: Larry Karp Jiangfeng Zhang
Publish Date: 2010/09/01
Volume: 49, Issue: 2, Pages: 371-409
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Abstract

We compare emissions taxes and quotas when a strategic regulator and nonstrategic firms have asymmetric information about abatement costs and all agents use Markov perfect decision rules Firms make investment decisions that affect their future abatement costs For general functional forms firms’ investment policy is informationconstrained efficient when the regulator uses a quota but not when the regulator uses an emissions tax This advantage of quotas over emissions taxes has not previously been recognized For a special functional form linear–quadratic both policies are constrained efficient Using numerical methods we find that a tax has some advantages in this caseThis article is published under an open access license Please check the Copyright Information section for details of this license and what reuse is permitted If your intended use exceeds what is permitted by the license or if you are unable to locate the licence and reuse information please contact the Rights and Permissions team

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  3. A note on values for Markovian coalition processes
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  11. Codes of Best Practice in competitive markets for managers
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  17. Sequential two-prize contests
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  19. Ordinal dominance and risk aversion
  20. Asymmetric first-price auctions with uniform distributions: analytic solutions to the general case
  21. Using oriented volume to prove Sperner’s lemma
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  23. Capital growth in a global warming model: will China and India sign a climate treaty?
  24. Noncooperative games, coupling constraints, and partial efficiency
  25. Equilibrium dynamics in discrete-time endogenous growth models with social constant returns
  26. Egalitarian division under Leontief Preferences
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