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Valuing Tradable CO2 Permits for OECD Countries

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Author Info
Larry Karp (Agricultural and Resource Economics,University of California, Berkeley)
Xuemei Liu (Agricultural and Resource Economics,University of California, Berkeley)

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Abstract

We estimate a structural model of OECD countries in which GDP and CO2 emissions are endogenous. We use the estimated model to simulate the price of tradable CO2 permits and the efficiency gains from trade. Our estimated prices are high, relative to previous estimates, and the efficiency gains are substantial. We also find, contrary to previous literature, that higher income is associated with reduced emissions.

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Paper provided by Fondazione Eni Enrico Mattei in its series Working Papers with number 1999.31.

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Handle: RePEc:fem:femwpa:1999.31

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Related research
Keywords: Tradable permits; Greenhouse gases; Carbon reductions; Environmental Kuznets curve;

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Find related papers by JEL classification:
F17 - International Economics - - Trade - - - Trade Forecasting and Simulation
Q28 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Government Policy
Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy

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  3. Werner Antweiler & Brian R. Copeland & M. Scott Taylor, 1998. "Is Free Trade Good for the Environment?," NBER Working Papers 6707, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  4. Douglas Holtz-Eakin & Thomas M. Selden, 1992. "Stoking the Fires? Co2 Emissions and Economic Growth," NBER Working Papers 4248, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  6. Hoel, Michael & Karp, Larry S., 1999. "Taxes and quotas for a stock pollutant with multiplicative uncertainty," CUDARE Working Paper Series 870, University of California at Berkeley, Department of Agricultural and Resource Economics and Policy, revised 1999. [Downloadable!]
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  7. Hagem, Cathrine & Westskog, Hege, 1998. "The Design of a Dynamic Tradeable Quota System under Market Imperfections," Journal of Environmental Economics and Management, Elsevier, vol. 36(1), pages 89-107, July. [Downloadable!] (restricted)
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  9. Larsen, Bjorn & Shah, Anwar, 1994. "Global tradable carbon permits, participation incentives, and transfers," Policy Research Working Paper Series 1315, The World Bank. [Downloadable!]
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  10. Nonneman, Walter & Vanhoudt, Patrick, 1996. "A Further Augmentation of the Solow Model and the Empirics of Economic Growth for OECD Countries," The Quarterly Journal of Economics, MIT Press, vol. 111(3), pages 943-53, August. [Downloadable!] (restricted)
  11. Stern, David I. & Common, Michael S. & Barbier, Edward B., 1996. "Economic growth and environmental degradation: The environmental Kuznets curve and sustainable development," World Development, Elsevier, vol. 24(7), pages 1151-1160, July. [Downloadable!] (restricted)
  12. Selden Thomas M. & Song Daqing, 1995. "Neoclassical Growth, the J Curve for Abatement, and the Inverted U Curve for Pollution," Journal of Environmental Economics and Management, Elsevier, vol. 29(2), pages 162-168, September. [Downloadable!] (restricted)
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  15. Stavins, Robert N, 1998. "What Can We Learn from the Grand Policy Experiment? Lessons from SO2 Allowance Trading," Journal of Economic Perspectives, American Economic Association, vol. 12(3), pages 69-88, Summer. [Downloadable!] (restricted)
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