Speaker: Dr. 端木昊随

Title: Cap-and-trade and Carbon Tax Meet Arrow-Debreu

Schedule: Mar 7, Friday 1:30-3:00 PM

Location: 诚明楼 (Chengming Hall), Rm 315

Introduction: 端木昊随，国家高层次计划青年人才，哈尔滨工业大学数学研究院教授。他于2018年在加拿大多伦多大学取得统计学博士学位，于2018-2021年在加州大学伯克利分校从事博士后研究，于2021年加入哈尔滨工业大学数学研究院任教授。 他的研究方向包括数理经济学，统计决策理论，非标准分析，马尔科夫链。他的主要研究工作发表于Econometrica, Journal of Economic Theory, Annals of Statistics, Biometrika，Memoirs of the AMS 等国际经济，统计和数学刊物。

Abstract: We propose two general equilibrium models, quota equilibrium and emission tax equilibrium. Government specifies quotas or taxes on emissions, then refrains from further action. All results remain valid regardless of how government chooses its emissions target. Quota equilibrium exists; the allocation of emission property rights  impacts the distribution of welfare. If the only externality arises from total net emissions, quota equilibrium is Pareto optimal among all feasible outcomes with the same total net emissions.For certain tax rates, emission tax equilibrium may not exist.Every quota equilibrium can be realized as an emission tax equilibrium and vice versa. However, different quota prices may arise in equilibrium from a single quota, and different emission levels may arise in equilibrium from a single tax rate. This leads to  inequivalence between quota and emission tax equilibria.