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Greenhouse Gas Reduction Policy in the United States: Identifying Winners and Losers in an Expanded Permit Trading System

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  • Adam Rose
  • Gbadebo Oladosu

Abstract

We present an analysis of the economic impacts of marketable permits for greenhouse gas reduction across industries and income groups in the United States. A computable general equilibrium model is used to simulate permit markets under various assumptions about permit allocations, industry coverage, revenue recycling, sequestration, and the inclusion of multiple greenhouse gases. Our results indicate that a permit price of as much as $128 per ton carbon would be needed to comply with the full U.S. Kyoto commitment, and that this would lead to a slightly more than I percent reduction in GDP in the year 2010. Expansion of trading to include carbon sequestration and methane mitigation can significantly lower these impacts. However, all policy alternatives simulated are somewhat regressive in terms of income distribution, though to significantly different degrees depending on the policy design.

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Bibliographic Info

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

Volume (Year): Volume23 (2002)
Issue (Month): Number 1 ()
Pages: 1-18

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Handle: RePEc:aen:journl:2002v23-01-a01

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Cited by:
  1. Kurt Kratena & Michael W├╝ger, 2003. "The Role of Technology in Interfuel Substitution: A Combined Cross-Section and Time Series Approach," WIFO Working Papers 204, WIFO.
  2. Kverndokk, Snorre & Rose , Adam, 2008. "Equity and Justice in Global Warming Policy," Memorandum 21/2008, Oslo University, Department of Economics.
  3. Parry, Ian W. H. & Sigman, Hilary & Walls, Margaret & Williams III, Roberton C., 2005. "The Incidence of Pollution Control Policies," Working paper 205, Regulation2point0.
  4. Kampas, Athanasios & Mamalis, Spyridon, 2006. "Assessing the Distributional Impacts of Transferable Pollution Permits: The Case of Phosphorus Pollution Management at a River Basin Scale," Agricultural Economics Review, Greek Association of Agricultural Economists, vol. 7(2), August.
  5. Oladosu, Gbadebo & Rose, Adam, 2007. "Income distribution impacts of climate change mitigation policy in the Susquehanna River Basin Economy," Energy Economics, Elsevier, vol. 29(3), pages 520-544, May.
  6. Adam Rose & Zhong Zhang, 2004. "Interregional burden-sharing of greenhouse gas mitigation in the United States," Mitigation and Adaptation Strategies for Global Change, Springer, vol. 9(4), pages 477-500, October.
  7. Thomas Dangl & Franz Wirl, 2007. "The consequences of irreversibility on optimal intertemporal emission policies under uncertainty," Central European Journal of Operations Research, Springer, vol. 15(2), pages 143-166, June.
  8. Abdelkrim Araar & Yazid Dissou & Jean-Yves Duclos, 2008. "Household Incidence of Pollution Control Policies: A Robust Welfare Analysis Using General Equilibrium Effects," Working Papers 0805E, University of Ottawa, Department of Economics.
  9. Peterson, Thomas D. & Rose, Adam Z., 2006. "Reducing conflicts between climate policy and energy policy in the US: The important role of the states," Energy Policy, Elsevier, vol. 34(5), pages 619-631, March.
  10. Rose, Adam & Peterson, Thomas D. & Zhang, ZhongXiang, 2006. "Regional carbon dioxide permit trading in the United States: coalition choices for Pennsylvania," MPRA Paper 13547, University Library of Munich, Germany.
  11. Ha, Soo Jung & Hewings, Geoffrey & McGregor, Peter G & Swales, J Kim & Turner, Karen, 2010. "Econometric estimation of Armington import elasticities and their system-wide impact in a regional CGE model of the Illinois economy," Stirling Economics Discussion Papers 2010-19, University of Stirling, Division of Economics.

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