Chevallier, Julien; Etner, Johanna; Jouvet, Pierre-André - Université Paris-Dauphine - 2011
two-period partial equilibrium framework, we examine the effects of increasing risk - in the sense of a mean …-allocating permits for a group of firms. Our results are twofold. First, an increase in risk may lead to changes in a firm’s banking … optimal risk-sharing rule between agents to respond to political decision changes. Our results overall suggest that the …