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Is Trade in Permits Good for the Environment?

机译：许可证交易对环境有利吗？

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摘要

We analyze the impact of trade in emission permits on environmental policy when countries trade a differentiated good. Pollution is always higher with tradable permits as compared to the case where permits are not internationally tradable. If pollution is a pure global public bad, i.e., the marginal damage from transboundary pollution is the same as that from local pollution, the permit price under trade equals the domestic marginal damage from own emissions. If pollution is not a pure global public bad, i.e., the marginal damage from transboundary pollution is less than that from local pollution, trade results in a permit price lower than the domestic marginal damage from own emissions-pollution is higher under trade relative to autarky. Regardless of the nature of transboundary pollution, the permit price (equivalent pollution tax) is lower and pollution is higher with internationally tradable permits than with nontradable permits.
机译：当国家交易有区别的商品时，我们分析了排放许可证贸易对环境政策的影响。与许可证不可国际贸易的情况相比，可交易许可证的污染总是更高。如果污染是纯粹的全球公共有害物，即跨界污染造成的边际损害与本地污染造成的边际损害相同，则贸易许可价格等于自身排放造成的国内边际损害。如果污染不是纯粹的全球公共弊端，即跨界污染的边际损害小于本地污染，那么贸易导致的许可证价格低于国内排放造成的边际损害，相对于自给自足而言，贸易下的边际损害更高。不论跨界污染的性质如何，国际可交易许可证的许可价格（等效污染税）较低，而非可交易许可证的污染则较高。

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