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Does Distribution Matter? Efficiency, Equity and Flexibility in Greenhouse Gas Abatement

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  • Gunter Stephan

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  • Georg Müller-Fürstenberger
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    Abstract

    This paper analyses banking and borrowing ofcarbon emission rights within the framework ofa simple, integrated assessment model. Breaking the world economy in just two regionsit will be shown: (1) Increasing intertemporal flexibility in greenhouse gasabatement through banking and borrowing ofcarbon emission permits has a positive effecton welfare for regions with a poor endowment incarbon emission rights, but negatively affectsrich-endowed regions. (2) Intergenerationalfairness advocates intertemporal flexibility ingreenhouse gas abatement, irrespectively of theinitial allocation of carbon rights. (3)Optimal carbon accumulation is not independentof the initial allocation of carbon rights. Different initial sharing rules clearlyinfluence the development of atmospheric carbonconcentration. Copyright Kluwer Academic Publishers 2004

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    Bibliographic Info

    Article provided by European Association of Environmental and Resource Economists in its journal Environmental and Resource Economics.

    Volume (Year): 27 (2004)
    Issue (Month): 1 (January)
    Pages: 87-107

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    Handle: RePEc:kap:enreec:v:27:y:2004:i:1:p:87-107

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    Web page: http://www.springerlink.com/link.asp?id=100263

    Related research

    Keywords: banking and trade; carbon rights; climate policy; integrated assessment;

    References

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    1. Copeland,B.R. & Taylor,M.S., 2000. "Free trade and global warming : a trade theory view of the Kyoto protocol," Working papers 4, Wisconsin Madison - Social Systems.
    2. McKibbin, Warwick J. & Shackleton, Robert & Wilcoxen, Peter J., 1999. "What to expect from an international system of tradable permits for carbon emissions," Resource and Energy Economics, Elsevier, vol. 21(3-4), pages 319-346, August.
    3. Victor Ginsburgh & Michiel Keyzer, 2002. "The structure of applied general equilibrium models," ULB Institutional Repository 2013/3313, ULB -- Universite Libre de Bruxelles.
    4. Paul Leiby & Jonathan Rubin, 2001. "Intertemporal Permit Trading for the Control of Greenhouse Gas Emissions," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 19(3), pages 229-256, July.
    5. Stephen C Peck & Thomas J. Teisberg, 1992. "CETA: A Model for Carbon Emissions Trajectory Assessment," The Energy Journal, International Association for Energy Economics, vol. 0(Number 1), pages 55-78.
    6. Stephan, Gunter & Muller-Furstenberger, Georg, 1998. "Discounting and the Economic Costs of Altruism in Greenhouse Gas Abatement," Kyklos, Wiley Blackwell, vol. 51(3), pages 321-38.
    7. Chichilnisky, Graciela & Heal, Geoffrey, 1994. "Who should abate carbon emissions? : An international viewpoint," Economics Letters, Elsevier, vol. 44(4), pages 443-449, April.
    8. Kling, Catherine L. & Rubin, Jonathan, 1997. "Bankable Permits for the Control of Environmental Pollution," Staff General Research Papers 1479, Iowa State University, Department of Economics.
    9. Biglaiser, Gary & Horowitz, John K & Quiggin, John, 1995. "Dynamic Pollution Regulation," Journal of Regulatory Economics, Springer, vol. 8(1), pages 33-44, July.
    10. Gunter Stephan & Alan S. Manne, 1997. "Climate-Change Policies and International Rate-of-Return Differentials," Diskussionsschriften dp9710, Universitaet Bern, Departement Volkswirtschaft.
    11. Nordhaus, William D & Yang, Zili, 1996. "A Regional Dynamic General-Equilibrium Model of Alternative Climate-Change Strategies," American Economic Review, American Economic Association, vol. 86(4), pages 741-65, September.
    12. Richard F. Kosobud & Thomas A. Daly David W. South & Kevin G. Quinn, 1994. "Tradable Cumulative CO2 Permits and Global Warming Control," The Energy Journal, International Association for Energy Economics, vol. 0(Number 2), pages 213-232.
    13. GUNTER Stephan & GEORG MÜLLER-FÜRSTENBERGER & PASCAL Previdoli, 1997. "Overlapping Generations or Infinitely-Lived Agents: Intergenerational Altruism and the Economics of Global Warming," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 10(1), pages 27-40, July.
    14. Manne, Alan & Mendelsohn, Robert & Richels, Richard, 1995. "MERGE : A model for evaluating regional and global effects of GHG reduction policies," Energy Policy, Elsevier, vol. 23(1), pages 17-34, January.
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    Cited by:
    1. Christoph Bohringer & Heinz Welsch, 2006. "Burden sharing in a greenhouse: egalitarianism and sovereignty reconciled," Applied Economics, Taylor & Francis Journals, vol. 38(9), pages 981-996.
    2. Beilei Cai & Trudy Cameron & Geoffrey Gerdes, 2010. "Distributional Preferences and the Incidence of Costs and Benefits in Climate Change Policy," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 46(4), pages 429-458, August.
    3. Georg Müller-Fürstenberger & Gunter Stephan, 2005. "Intensity Targeting or Emission CAPS: Non-Cooperative Climate Change Policies and Technological Change," Diskussionsschriften dp0502, Universitaet Bern, Departement Volkswirtschaft.
    4. Zerriffi, Hisham & Wilson, Elizabeth, 2010. "Leapfrogging over development? Promoting rural renewables for climate change mitigation," Energy Policy, Elsevier, vol. 38(4), pages 1689-1700, April.

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