We develop an overlapping generations growth model in which the individuals care about the environment. Many environmental policies suffer from institutional failures. We focus on the failure resulting from the delegation by the government of the exercise of the environmental policy to an...

This paper presents a market design for the management of noise disturbance created by aircraft traffic around large airports. A market for tradable noise permits allows noise generators to compensate harmed residents. We show that the noise permit markets allow the achievement of the planner's...