跨期排放权交易模型、银行和贷款[文献翻译]

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1、原文一：AModelofIntertemporalEmissionTrading,Banking,andBorrowingThispaperprovidesageneraltreatmentofemissiontrading,banking,andborrowinginanintertemporal,continuous-timemodel.Usingoptimal-controltheory,thedecentralizedbehavioroffirmsisshowntoleadtotheleast-costsolutionattainableunderjo

2、int-costminimization.Explicitsolutionsforthetimepathsofemissionsandpermitpricesarederivedwhenfirmsareallowedtobothbankandborrowandwhenfirmsareonlyallowedtobankemissionpermits.Thepolicyimplicationsofemissionbankingandborrowingarediscussed.1.INTRODUCTIONMarketableemissionpermitsareane

3、conomicinstrumentusedtoattainapredeterminedlevelofenvironmentalquality.Thebasicconceptbehindemissiontrading,originatedbyDales[5],isasimpleone.Initially,aregulatoryagencylimitstheoveralllevelofemissions,eitherbysettingastandardorallocatingemissions,andthenitallowsfirmstotradetheiremi

4、ssionallocationsorsurpluspermits.Itisnowwidelyagreedamongeconomiststhatmarketableemissionpermitscanbeacost-effectivestrategyforcontrollingenvironmentalpollutants,andanextensiveliteratureontheirpropertieshasdeveloped.(seeTietenberg[12]andCropperandOates[4]forthoroughreviews).Thiswork

5、hasidentifiedthreesourcesofpotentialcostsavings:emissiontradingbetweenfirms,emissionaveragingbetweensourceswithinafirm,andemissiontradingthroughtime.Despitecommonreferencetothesethreecomponents,previoustheoreticalandempiricalresearchhasfocusedalmostexclusivelyonthefirsttwoitems,trad

6、ingandaveraging.Thesmallamountofresearchintoemissionbankingandborrowingisregrettablesincepublicpolicymakershavealreadybeguntoincorporatebankingandborrowingrulesintolaw.Forexample,thebanking（andtrading）ofsulfurdioxideisnowauthorizedbytheCleanAirActAmendmentsof1990,andCaliforniaallows

7、manufacturersofpassengercarstobank（andtrade）hydrocarbonemissions.Inthecontextoffuelefficiency,ratherthanemissions,theborrowingandbankingofCAFE（corporateaveragefueleconomy）creditsforuptothreeyearshasbeenallowedsince1980.However,theconceptofmarketablepermits,andintertemporaltradinginp

8、articular,goesfarbe