Externality Policy Reform: A General Equilibrium Analysis

We characterize Pareto‐improving and equilibrium‐preserving policy reforms in a second‐best (Diamond/Mirrlees) world with a consumption externality. A counterintuitive finding is that, starting from an initial equilibrium with no direct quantity control on the externality, it is possible that all Pa...

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Veröffentlicht in:	Journal of public economic theory 2005-02, Vol.7 (1), p.117-150
Hauptverfasser:	MURTY, SUSHAMA, RUSSELL, R. ROBERT
Format:	Artikel
Sprache:	eng
Schlagworte:	Economic theory Equilibrium Externality Fiscal policy Pareto optimum Public policy Studies
Online-Zugang:	Volltext
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