In this paper, we point out the role of anticomonotonicity in the characterization of efficient contingent claims, and in the measure of inefficiency size of financial strategies. Two random variables are said to be anticomonotonic if they move in opposite directions. We first provide necessary...

In this article, we characterize efficient contingent claims in a context of transaction costs and multidimensional utility functions. The dual formulation of utility maximization helps us outline the key notion of cyclic anticomonotonicity. Moreover, after defining a utility price in this...

This article challenges the conventional result that a tighter environmental tax has no long-run effect on human capital accumulation in the presence of pollution arising from final output production. It demonstrates that the technology used in the abatement sector determines the existence and...

Since 1992, the international community is trying to arrive at a multilateral agreement on the reduction of emissions for greenhouse gases. A collective decision mechanism was adopted in 1997: An agreement is ratified if and only if it is approved by a coalition gathering more than 55 countries....

This paper considers potential use of domestic transferable, or tradable, permit systems for the purposes of travel management, especially reducing environmental nuisances. The main arguments for and against the use of permits are analyzed. Secondly two case studies of existing permit systems...

This paper explores the spatial variation of land prices in Belgium. The originality of the methodology is threefold : (1) to work at the spatial extent of an entire country, (2) to compute several accessibility measures to all jobs and several representations of the environmental amenities and,...