For renewable energy projects, financing is a major bottleneck to accelerate the transition towards a decarbonized energy mix. Multilateral international institutions are developing new financing instruments to address the barriers and risks that hold back private investment in renewable energy...

This paper deals with the welfare analysis of green tax reforms. The aims of this paper are to highlight misinterpretations of policy assessments in the double dividend literature, to specify which of the efficiency costs and benefits should be ascribed to each dividend, and then, to propose a...

In this paper the efficient allocation of natural recreational areasis analysed. Natural recreational areas have the features of publicgoods. We present the efficient allocation of this non-excludablepublic good in a rational general equilibrium model withheterogeneous agents. This allows us to...

This paper argues that the introduction of a short-sale constraint in the Arrow-Radner frameworkinvalidates standard definitions of complete and incomplete markets. In this constrained set-up,two threshold values with familiar properties arise.The case of a zero short-sale bound set on some...

This paper explores the properties of the notions of A-efficiency and P-efficiency, proposed by Golosov, Jones and Tertilt (Econometrica, 2007), to evaluate allocations in a general overlapping generations setting in which fertility choices are endogenously selected from a continuum and any two...