THE POLITICAL ECONOMY OF ENVIRONMENTAL POLICY WITH OVERLAPPING GENERATIONS
研究保护环境存量的税收如何影响不同代际的福利，发现税收主要引发当代人之间的利益冲突，而非代际冲突，并探讨了帕累托改进的税收方案。
A two-sector OLG model illuminates the intergenerational effects of a tax that protects an environmental stock. A traded asset capitalizes the economic returns to future tax-induced environmental improvements, benefiting the current asset owners, the old generation. \nAbsent a transfer, the tax harms the young generation by decreasing their real wage. Future generations benefit from the tax-induced improvement in environmental stock. The principal intergenerational conflict arising from the tax is between generations alive at the time society imposes the policy, not between generations alive at different \ntimes. A Pareto-improving tax can be implemented under various political economy settings. (authors' abstract)