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De l'impact de la microstructure d'un marché de permis de polluer sur la politique environnementale

Author

Listed:
  • Marc Germain

    (CORE - Center of Operation Research and Econometrics [Louvain] - UCL - Université Catholique de Louvain = Catholic University of Louvain)

  • Stefano Lovo

    (GREGH - Groupement de Recherche et d'Etudes en Gestion à HEC - HEC Paris - Ecole des Hautes Etudes Commerciales - CNRS - Centre National de la Recherche Scientifique)

  • Vincent van Steenberghe

    (CORE - Center of Operation Research and Econometrics [Louvain] - UCL - Université Catholique de Louvain = Catholic University of Louvain)

Abstract

This paper investigates the relation between the optimal amount of pollution permits issued by an environmental agency and the mechanisms used to trade these permits in the "secondary market".We show that when permits are traded using a quote-driven mechanism, the total amount of permits to be allocated by the environmental agency depends on two factors: (i) the market structure of intermediaries (i.e. monopolist market maker or competitive market makers); (ii) the presence of uncertainty about the production functions of the polluters.

Suggested Citation

  • Marc Germain & Stefano Lovo & Vincent van Steenberghe, 2001. "De l'impact de la microstructure d'un marché de permis de polluer sur la politique environnementale," Working Papers hal-00597024, HAL.
    • Handle: RePEc:hal:wpaper:hal-00597024
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