First-and second-best allocations under economic and environmental uncertainty

This paper uses a micro-founded DSGE model to compare second-best optimal environmental policy and the resulting allocation to first-best allocation. The focus is on the source and size of uncertainty, and how this affects optimal choices and the inferiority of second best vis-à-vis first best.

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Year of publication:	2010-10
Authors:	Angelopoulos, Konstantinos ; Economides, George ; Philippopoulos, Apostolis
Institutions:	Department of Economics, Adam Smith Business School
Subject:	General equilibrium \| uncertainty \| environmental policy \| second best

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Extent:	application/pdf
Series:	Working Papers.
Type of publication:	Book / Working Paper
Language:	English
Classification:	C68 - Computable General Equilibrium Models ; D81 - Criteria for Decision-Making under Risk and Uncertainty ; H23 - Externalities; Redistributive Effects ; Environmental Taxes and Subsidies
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10008833208