Emission Taxes and Tradeable Permits A Comparison of Views on Long-Run Efficiency

We compare three different views on the long runefficiencies of emission taxes which includethresholds (inframarginalexemptions), and of tradeable emission permitswhere some permits areinitially free. The differences are caused bydifferent assumptions aboutwhether thresholds and free permits should...

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Bibliographic Details
Published in:Environmental & resource economics 2003-10, Vol.26 (2), p.329-342
Main Author: Pezzey, John C. V
Format: Article
Language:English
Subjects:
Acceptability
Air pollution
Economics
Efficiency
emission taxes
Emissions control
exemptions
Flexibility
Greenhouse effect
Greenhouse gases
Property rights
Resources
Taxes
thresholds
tradeable permits
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Summary:We compare three different views on the long runefficiencies of emission taxes which includethresholds (inframarginalexemptions), and of tradeable emission permitswhere some permits areinitially free. The differences are caused bydifferent assumptions aboutwhether thresholds and free permits should besubsidies given only to firmsthat produce, or full property rights. Treatingtax thresholds, as well asfree permits, as property rights would departfrom the conventional view,but would allow greater flexibility in makingeconomic instruments bothefficient and acceptable. Such flexibilitycould be very important inachieving efficient control of greenhouse gasemissions. Copyright Kluwer Academic Publishers 2003
ISSN:0924-6460
1573-1502
DOI:10.1023/A:1026393028473