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Pareto-Efficient Climate Agreements Can Always Be Renegotiation-Proof

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Author Info

  • Asheim, Geir B.

    ()
    (Dept. of Economics, University of Oslo)

  • Holtsmark, Bjart

    ()
    (Statistics Norway)

Abstract

Recent contributions show that climate agreements with broad participation can be implemented as weakly renegotiation-proof equilibria in simple models of greenhouse gas abatement where each country has a binary choice between cooperating (i.e., abate emissions) or defecting (no abatement). Here we show that this result carries over to a model where countries have a continuum of emission choices. Indeed, a Pareto-efficient climate agreement can always be implemented as a weakly renegotiation-proof equilibrium, for a sufficiently high discount factor. This means that one need not trade-off a “narrow but deep” treaty with a “broad but shallow” treaty.

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File URL: https://www.sv.uio.no/econ/english/research/unpublished-works/working-papers/pdf-files/2008/Memo-23-2008.pdf
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Bibliographic Info

Paper provided by Oslo University, Department of Economics in its series Memorandum with number 23/2008.

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Length: 22 pages
Date of creation: 12 Aug 2008
Date of revision:
Handle: RePEc:hhs:osloec:2008_023

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Postal: Department of Economics, University of Oslo, P.O Box 1095 Blindern, N-0317 Oslo, Norway
Phone: 22 85 51 27
Fax: 22 85 50 35
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Web page: http://www.oekonomi.uio.no/indexe.html
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Keywords: Climate agreements; Pareto-effiency; greenhouse gases;

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