Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/194116
Authors: 
Schwerin, Hagen
Year of Publication: 
2018
Series/Report no.: 
Economics Working Paper Series 18/293
Abstract: 
This paper develops a mechanism to correct production externalities between several parties, such as externalities motivating environmental policy between countries, using asset ownership. Efficiency can be obtained if each party retains less than the full share of their own gain from resource use materialized in gross product. The remainder of the product can be earned by other parties. in a reciprocal way. The resulting swaps can be enforced by using bonds or stocks or with balanced trade of shares, hindering free-riding. The best international climate policy thus may be swap contracts.
Subjects: 
Free-rider behavior
Privately provided public good
Lindahl prices
Property rights
Climate agreement
General equilibrium
JEL: 
D62
H23
Q58
Persistent Identifier of the first edition: 
Document Type: 
Working Paper
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