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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w24218 |
来源ID | Working Paper 24218 |
Prices or Quantities Dominate Banking and Borrowing | |
Martin L. Weitzman | |
发表日期 | 2018-01-22 |
出版年 | 2018 |
语种 | 英语 |
摘要 | The possibility of intertemporal banking and borrowing of tradeable permits is often viewed as tilting the various policy debates about optimal pollution control instruments toward favoring such time-flexible quantities. The present paper shows that this view is misleading, at least for the simplest dynamic extension of the original `prices vs. quantities' information structure. The model of this paper allows the firms to know and act upon the realization of uncertain future costs two full periods ahead of the regulators. For any given circumstance, the paper shows that either a fixed price or a fixed quantity is superior in expected welfare to time-flexible banking and borrowing. Furthermore, the standard original formula for the comparative advantage of prices over quantities contains sufficient information to completely characterize the regulatory role of intertemporal banking and borrowing. The logic and implications of these results are analyzed and discussed. |
主题 | Environmental and Resource Economics ; Environment |
URL | https://www.nber.org/papers/w24218 |
来源智库 | National Bureau of Economic Research (United States) |
引用统计 | |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/581891 |
推荐引用方式 GB/T 7714 | Martin L. Weitzman. Prices or Quantities Dominate Banking and Borrowing. 2018. |
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文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
w24218.pdf(229KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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