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The Greenhouse Debate: Econonmic Efficiency, Burden Sharing and Hedging Strategies

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  • Alan Manne
  • Richard Richels

Abstract

We address the issue of economic efficiency as it relates to climate change. We begin with a classical cost-benefit perspective. Mat is, we focus on emission trajectories which maximize net benefits. We then examine the consequences of adopting alternative decision making paradigms-for example, those based on limiting atmospheric concentrations so as to achieve an "ample margin of safety." We also consider the regional distribution of costs and benefits under alternative burden sharing schemes. Although the climate issue is often viewed from a global perspective, international negotiators will be acutely interested in how damages and mitigation costs might be distributed among individual regions. Finally, we address the issue of decision making under uncertainty. The challenge confronting today's policy makers is to identify it sensible hedging strategy-one that balances the risks of waiting against those of premature action.

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Bibliographic Info

Article provided by International Association for Energy Economics in its journal The Energy Journal.

Volume (Year): Volume16 (1995)
Issue (Month): Number 4 ()
Pages: 1-38

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Handle: RePEc:aen:journl:1995v16-04-a01

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As found on the RePEc Biblio, the curated bibliography for Economics:
  1. > Environmental and Natural Resource Economics > Climate economics > Irreversibility and learning
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Cited by:
  1. Manne, Alan & Richels, Richard, 1996. "The Berlin Mandate: The costs of meeting post-2000 targets and timetables," Energy Policy, Elsevier, vol. 24(3), pages 205-210, March.
  2. Yohe, Gary & Malinowski, Tricia & Yohe, Marielle, 1998. "Fixing global carbon emissions: choosing the best target year," Energy Policy, Elsevier, vol. 26(3), pages 219-231, February.
  3. Ford, Melanie & Matysek, Anna & Jakeman, Guy & Gurney, Andrew & Fisher, Brian S., 2006. "Perspectives on international climate policy," 2006 Conference (50th), February 8-10, 2006, Sydney, Australia 137963, Australian Agricultural and Resource Economics Society.
  4. Simon Dietz, 2009. "From efficiency to justice: utility as the informational basis of climate change strategies, and some alternatives," LSE Research Online Documents on Economics 37616, London School of Economics and Political Science, LSE Library.
  5. Bollen, Johannes & Hers, Sebastiaan & van der Zwaan, Bob, 2010. "An integrated assessment of climate change, air pollution, and energy security policy," Energy Policy, Elsevier, vol. 38(8), pages 4021-4030, August.
  6. Ingham, Alan & Ma, Jie & Ulph, Alistair, 2007. "Climate change, mitigation and adaptation with uncertainty and learning," Energy Policy, Elsevier, vol. 35(11), pages 5354-5369, November.
  7. Gunter Stephan & Alan S. Manne, 1997. "Climate-Change Policies and International Rate-of-Return Differentials," Diskussionsschriften dp9710, Universitaet Bern, Departement Volkswirtschaft.
  8. Valentina Bossetti & Carlo Carraro & Enrica De Cian & Romain Duval & Emanuele Massetti & Massimo Tavoni, 2009. "The Incentives to Participate in and the Stability of International Climate Coalitions: A Game-Theoretic Approach Using the WITCH Model," OECD Economics Department Working Papers 702, OECD Publishing.
  9. Frankhauser, Samuel & Tol, Richard SJ, 1996. "Climate change costs : Recent advancements in the economic assessment," Energy Policy, Elsevier, vol. 24(7), pages 665-673, July.
  10. Simon Dietz, 2009. "From efficiency to justice: utility as the informational basis of climate change strategies, and some alternatives," Grantham Research Institute on Climate Change and the Environment Working Papers 13, Grantham Research Institute on Climate Change and the Environment.
  11. Heintz, Roebyem J & Tol, Richard SJ, 1995. "Joint implementation and uniform mixing," Energy Policy, Elsevier, vol. 23(10), pages 911-917, October.
  12. Peterson, Sonja, 2006. "Uncertainty and economic analysis of climate change : a survey of approaches and findings," Open Access Publications from Kiel Institute for the World Economy 3778, Kiel Institute for the World Economy (IfW).

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