This paper addresses the issue of whether the powers of monitoring compliance and allocating tradeable emissions allowances within a federation of countries should be appointed to a unique federal regulator or decentralized to several local regulators. To this end, we develop a two stage game...

We show how corrective taxation can improve the efficiency properties of tradable quotas systems affected by market power. Indeed, when only a subset of firms are price takers while the remaining firms enjoy market power, we show that, if the regulator sets an ad hoc taxation on firms' traded...

This paper addresses the issue of whether the powers of monitoring compliance and allocating tradeable emissions allowances within a federation of countries should be appointed to a unique federal regulator or decentralized to several local regulators. To this end, we develop a two stage game...

This paper provides a unified vision of a number of results that appeared in three separate streams of literature. The author emphasizes the strong parallelism between the results obtained in a number of papers that analyzed the relationships between price cap regulation, welfare maximization,...

This paper provides a unified vision of a number of results that appeared in three separate streams of literature. The author emphasizes the strong parallelism between the results obtained in a number of papers that analyzed the relationships between price cap regulation, welfare maximization,...