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27 de julio 2017
Output-based allocations in pollution markets with uncertainty and self-selection

We study pollution permit markets in which a fraction of permits are allocated to fi rms based on their output. Output-based allocations, which are receiving increasing attention in the design of carbon markets around the world (e.g., Europe, California, New Zealand), are shown to be optimal under demand and supply volatility despite the output distortions they may create. […]