G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w24218
来源IDWorking 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
URLhttps://www.nber.org/papers/w24218
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/581891
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GB/T 7714
Martin L. Weitzman. Prices or Quantities Dominate Banking and Borrowing. 2018.
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