Corpus ID: 210127915

Optimal Growth with Pollution : How To allocate Pollution Permits ?

@inproceedings{Jouvet2004OptimalGW,
  title={Optimal Growth with Pollution : How To allocate Pollution Permits ?},
  author={Pierre-Andr{\'e} Jouvet and P. Michel and G. Rotillon},
  year={2004}
}
We study optimal growth and its decentralization in an overlapping generations model. The decentralization of an optimal path needs some specific taxes in addition to lump-sum transfers if there are externalities. The introduction of market of permits allows to neutralize the external environmental effects. We show that there is a unique management of permits such that the equilibrium coincides with the optimal path: all permits should be auctioned i.e. no permits to firms. This conclusion is… Expand
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