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The Tenth International Workshop on NSE Successfully Held

The Tenth International Annual Workshop on New Structural Economics (NSE) was successfully held in Peking University on December 18 to 19, 2023. The Workshop, hosted by the Institute of New Structural Economics (INSE) at Peking University, brought together worldwide scholars to exchange research ideas and findings on four main subjects including “Trade & Knowledge Diffusion”, “Macroeconomics”, “Growth & Development” and “Equity & Inclusion”.

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Tariff barrage hits harder in Washington—Former World Bank economist: 'If the US wants to talk, our door is wide open'

Washington's so-called "reciprocal tariffs" are hurting the United States more than China, and if the US wants to talk, China is expected to be open only to negotiations based on equality and fairness, said a senior economist.

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07/30:REGULATING EXTERNALITIES: WELFARE THEOREMS, CAP-AND-TRADE, AND PIGOUVIAN TAXES
Venue：1F, Wanzhong Building, Langrun Garden, Peking University
Speaker：端木昊随

The general equilibrium framework introduced by Anderson and Duanmu (2025a) incorporates cap-and-trade and emission taxation, the two most widely used regulatory schemes to control greenhouse gas emissions, into the Arrow–Debreu model. This paper extends that model by allowing externalities affecting production technologies. We show that the first welfare theorem fails in the presence of interdependent production technologies. In contrast, we establish versions of the second welfare theorem for these two regulatory schemes. Specifically, we show that every Pareto optimum can be decentralized both as a cap-and-trade equilibrium with transfers and as an emission tax equilibrium with transfers. This provides a rigorous foundation for Pigouvian taxation in general equilibrium economies with multiple agents.

07/30:REGULATING EXTERNALITIES: WELFARE THEOREMS, CAP-AND-TRADE, AND PIGOUVIAN TAXES
Venue：1F, Wanzhong Building, Langrun Garden, Peking University
Speaker：端木昊随

The general equilibrium framework introduced by Anderson and Duanmu (2025a) incorporates cap-and-trade and emission taxation, the two most widely used regulatory schemes to control greenhouse gas emissions, into the Arrow–Debreu model. This paper extends that model by allowing externalities affecting production technologies. We show that the first welfare theorem fails in the presence of interdependent production technologies. In contrast, we establish versions of the second welfare theorem for these two regulatory schemes. Specifically, we show that every Pareto optimum can be decentralized both as a cap-and-trade equilibrium with transfers and as an emission tax equilibrium with transfers. This provides a rigorous foundation for Pigouvian taxation in general equilibrium economies with multiple agents.

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Institute of New Structural Economics