Emission Taxes and Tradable Permits: A Comparison of Views on Long Run Efficiency
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We compare three different views on the long run
efficiencies of emission taxes which include thresholds, and of tradable
emission permits where some permits are initially free. The differences are
caused by different assumptions about whether thresholds and free permits
should be subsidies given only to firms that produce, or full property
rights. Treating tax thresholds, as well as free permits, as property rights
would depart from the conventional view, but would allow greater
flexibility in making economic instruments both efficient and acceptable.
Such flexibility could be very important in achieving efficent control of
greenhouse gas emissions.