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The optimal initial allocation of pollution permits: a relative performance approach

机译:污染许可证的最佳初始分配:相对绩效方法

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The initial allocation of pollution permits is an important aspect of emissions trading schemes. We generalize the analysis of Bohringer and Lange (2005, Eur Econ Rev 49(8): 2041-2055) to initial allocation mechanisms that are based on inter-firm relative performance comparisons (including grandfathering and auctions, as well as novel mechanisms). We show that using firms' historical output for allocating permits is never optimal in a dynamic permit market setting, while using firms' historical emissions is optimal only in closed trading systems and only for a narrow class of allocation mechanisms. Instead, it is possible to achieve social optimality by allocating permits based only on an external factor, which is independent of output and emissions. We then outline sufficient conditions for a socially optimal relative performance mechanism.
机译:污染许可证的初始分配是排放交易计划的重要方面。我们将Bohringer和Lange(2005,Eur Econ Rev 49(8):2041-2055)的分析推广到基于公司间相对绩效比较(包括祖父和拍卖以及新颖机制)的初始分配机制。我们表明,在动态许可证市场环境中,使用企业的历史输出分配许可证绝不是最优的,而仅在封闭的交易系统中并且仅对于狭窄的分配机制,使用企业的历史排放才是最佳的。取而代之的是,可以通过仅基于外部因素分配许可证来实现社会最优,而外部因素与产出和排放无关。然后,我们概述了社会最优相对绩效机制的充分条件。

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