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 Design, Trading, and Innovation

David M. Driesen

in Moving to Markets in Environmental Regulation: Lessons from Twenty Years of Experience

Published in print:
2006
Published Online:
January 2007
ISBN:
9780195189650
eISBN:
9780199783694
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195189650.003.0016
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter makes two theoretical claims and two empirical claims. The first theoretical claim is that emissions trading does a poorer job, in theory, of encouraging expensive innovation than ... More


 Are Cap‐and‐Trade Programs More Environmentally Effective than Conventional Regulation?

Ellerman A. Denny

in Moving to Markets in Environmental Regulation: Lessons from Twenty Years of Experience

Published in print:
2006
Published Online:
January 2007
ISBN:
9780195189650
eISBN:
9780199783694
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195189650.003.0003
Subject:
Economics and Finance, Development, Growth, and Environmental

This essay explains why cap-and-trade programs (in which government establishes an overall cap on pollution but allows firms to trade allocations beneath the cap) can be both more economically ... More


Moving to Markets in Environmental Regulation: Lessons from Twenty Years of Experience

Jody Freeman and Charles D. Kolstad

Published in print:
2006
Published Online:
January 2007
ISBN:
9780195189650
eISBN:
9780199783694
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195189650.001.0001
Subject:
Economics and Finance, Development, Growth, and Environmental

Over the last decade, market-based incentives have become the regulatory tool of choice when trying to solve difficult environmental problems. Evidence of their dominance can be seen in recent ... More


 Prescriptive Environmental Regulations versus Market‐Based Incentives

Jody Freeman and Charles D. Kolstad

in Moving to Markets in Environmental Regulation: Lessons from Twenty Years of Experience

Published in print:
2006
Published Online:
January 2007
ISBN:
9780195189650
eISBN:
9780199783694
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195189650.003.0001
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter begins with a discussion of the rationale for evaluating the performance of market instruments for environmental regulation. It then describes how the volume combined the disciplines of ... More


Designing Incentives Regulation for the Environment

Michael Faure

in Global Environmental Commons: Analytical and Political Challenges in Building Governance Mechanisms

Published in print:
2012
Published Online:
September 2012
ISBN:
9780199656202
eISBN:
9780191742149
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199656202.003.0012
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter provides an overview of legal and policy instruments that can be used to provide potential polluters with incentives for pollution abatement. The traditional law and economics literature ... More


Governance Issues in a Multinational Cap-and-Trade System: Centralization and Harmonization

Denny Ellerman

in Global Environmental Commons: Analytical and Political Challenges in Building Governance Mechanisms

Published in print:
2012
Published Online:
September 2012
ISBN:
9780199656202
eISBN:
9780191742149
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199656202.003.0008
Subject:
Economics and Finance, Development, Growth, and Environmental

The European Union’s CO2 Emissions Trading Scheme (EU ETS) has shown that cap-and-trade systems can work in a highly decentralized multinational setting, but that experience has also revealed some ... More


China’s Balance of Emissions Embodied in Trade: Approaches to Measurement and Allocating International Responsibility

Jiahua Pan, Jonathan Phillips, and Ying Chen

in The Economics and Politics of Climate Change

Published in print:
2009
Published Online:
April 2015
ISBN:
9780199573288
eISBN:
9780191808616
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:osobl/9780199573288.003.0008
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter examines the role of Chinese trade in the response to climate change. It begins with an overview of alternative emissions accounting methodologies and provides a framework for ... More


Emissions Trading as a Policy Instrument: Evaluation and Prospects

Marc Gronwald and Beat Hintermann (eds)

Published in print:
2015
Published Online:
January 2016
ISBN:
9780262029285
eISBN:
9780262330435
Item type:
book
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262029285.001.0001
Subject:
Economics and Finance, Development, Growth, and Environmental

This book is the result of a workshop about emission permit markets in Venice, organized by the editors in collaboration with CESifo. The individual contributions were written independently of each ... More


The EU ETS: What We Know and What We Don’t Know

A. Denny Ellerman

in Emissions Trading as a Policy Instrument: Evaluation and Prospects

Published in print:
2015
Published Online:
January 2016
ISBN:
9780262029285
eISBN:
9780262330435
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262029285.003.0002
Subject:
Economics and Finance, Development, Growth, and Environmental

The European Union’s Emissions Trading System (EU ETS) is the most salient example of emissions trading being used as a climate policy instrument, which many would argue is the most promising form ... More


Equity Implications of the COP21 Intended Nationally Determined Contributions to Reduce Greenhouse Gas Emissions

Adam Rose, Dan Wei, and Antonio Bento

in Climate Justice: Integrating Economics and Philosophy

Published in print:
2018
Published Online:
November 2018
ISBN:
9780198813248
eISBN:
9780191851230
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198813248.003.0004
Subject:
Economics and Finance, Public and Welfare, Development, Growth, and Environmental

This chapter examines the equity implications of the “bottom-up” approach to climate change negotiations by analyzing the individual country unconditional greenhouse gas reduction pledges specified ... More


Combining International Cap-and-Trade with National Carbon Taxes

Peter Heindl, Peter J. Wood, and Frank Jotzo

in Emissions Trading as a Policy Instrument: Evaluation and Prospects

Published in print:
2015
Published Online:
January 2016
ISBN:
9780262029285
eISBN:
9780262330435
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262029285.003.0006
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter examines the effects of combining an international cap-and-trade scheme with national carbon taxes. We consider a two-country stochastic partial equilibrium model with log-normally ... More


The Relationship between Spot and Futures CO2 Emission Allowance Prices in the EU ETS

Stefan Trück, Wolfgang Härdle, and Rafal Weron

in Emissions Trading as a Policy Instrument: Evaluation and Prospects

Published in print:
2015
Published Online:
January 2016
ISBN:
9780262029285
eISBN:
9780262330435
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262029285.003.0008
Subject:
Economics and Finance, Development, Growth, and Environmental

We investigate the relationship between spot and futures prices within the EU-ETS. We conduct an empirical study on price behavior, volatility term structure and correlations in EU Allowance (EUA) ... More


Benchmark-Based Free Allocations in EU ETS Phase III: How Much Better Than Phase II?

Oliver Sartor, Stephen Lecourt, and Clement Pallière

in Emissions Trading as a Policy Instrument: Evaluation and Prospects

Published in print:
2015
Published Online:
January 2016
ISBN:
9780262029285
eISBN:
9780262330435
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262029285.003.0004
Subject:
Economics and Finance, Development, Growth, and Environmental

This paper exploits a detailed and original database to analyse the welfare and efficiency implications of the move to benchmark-based free allocation rules in EU ETS Phase 3(2013-20). It is shown ... More


The Global Deal on Climate Change

Cameron Hepburn and Nicholas Stern

in The Economics and Politics of Climate Change

Published in print:
2009
Published Online:
April 2015
ISBN:
9780199573288
eISBN:
9780191808616
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:osobl/9780199573288.003.0003
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter examines the challenges involved in implementing the global deal on climate change. It first considers the ethics and economics behind a global greenhouse gas emissions reduction target ... More


Introduction

Marc Gronwald and Beat Hintermann

in Emissions Trading as a Policy Instrument: Evaluation and Prospects

Published in print:
2015
Published Online:
January 2016
ISBN:
9780262029285
eISBN:
9780262330435
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262029285.003.0012
Subject:
Economics and Finance, Development, Growth, and Environmental

In this introductory chapter, we describe the goals of the workshop in Venice that has led to this collection of essays and give a brief overview over the individual chapters in this book. We divide ... More


Offset Spread Options in the European Carbon Market

Timothy Fitzgerald

in Emissions Trading as a Policy Instrument: Evaluation and Prospects

Published in print:
2015
Published Online:
January 2016
ISBN:
9780262029285
eISBN:
9780262330435
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262029285.003.0011
Subject:
Economics and Finance, Development, Growth, and Environmental

Observers of the European Union Emissions Trading System have puzzled over the use, or lack thereof, of carbon offset credits. Emitters eschewed an arbitrage opportunity by forgoing these credits to ... More


The EU ETS

Beat Hintermann and Marc Gronwald

in Emissions Trading as a Policy Instrument: Evaluation and Prospects

Published in print:
2015
Published Online:
January 2016
ISBN:
9780262029285
eISBN:
9780262330435
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262029285.003.0001
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter provides a brief overview of the EU ETS. It outlines the design and scope of this market, presents data on aggregate allocation as well as emissions, and summarizes the development of ... More


Carbon Taxes, Emissions Trading, and Hybrid Schemes

Cameron Hepburn

in The Economics and Politics of Climate Change

Published in print:
2009
Published Online:
April 2015
ISBN:
9780199573288
eISBN:
9780191808616
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:osobl/9780199573288.003.0018
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter focuses on carbon taxes, emissions trading, and hybrid schemes aimed at mitigating global climate change. It first reviews the literature on the choice between carbon taxes (or ‘price ... More


EU Climate-change Policy—A Critique

Dieter Helm

in The Economics and Politics of Climate Change

Published in print:
2009
Published Online:
April 2015
ISBN:
9780199573288
eISBN:
9780191808616
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:osobl/9780199573288.003.0011
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter offers a critique of the EU's climate-change policy, focusing on the 2008 package of measures. It first considers the measures taken so far, notably in respect of the Kyoto Protocol, and ... More


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