Incomplete financial markets, the social cost of carbon and constrained efficient carbon pricing
研究了在不完全资产市场的一般均衡模型中，约束最优碳定价问题，发现碳税与社会成本存在系统性差异，且这种差异可能很大。
This paper examines constrained optimal carbon pricing in a general equilibrium model with incomplete asset markets. A carbon policy consists of state-dependent carbon taxes and a sharing rule for tax revenue recycling. The social cost of carbon (SCC) is defined as the present value of the future marginal costs of additional CO2 emissions, discounted at (personalized) prices. For the case of complete markets, we state simple, sufficient conditions that ensure that setting carbon taxes equal to the SCC results in a Pareto-efficient competitive equilibrium. When markets are incomplete, constrained Pareto-efficient carbon taxes generically differ from the SCC. To examine the potential quantitative importance of these differences, we consider an Aiyagari [1994]-style model with a climate change externality. We prove that (i) the SCC cannot be estimated from aggregate damage functions and market prices alone, and (ii) the deviations of constrained optimal carbon taxes from the SCC can be arbitrarily large.