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Policy-Instrument Choice and Benefit Estimates for Climate-Change Policy in the United States

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  • Matthew J. Kotchen
  • Kevin J. Boyle
  • Anthony A. Leiserowitz

Abstract

This paper provides the first willingness-to-pay (WTP) estimates in support of a national climate-change policy that are comparable with the costs of actual legislative efforts in the U.S. Congress. Based on a survey of 2,034 American adults, we find that households are, on average, willing to pay between $79 and $89 per year in support of reducing domestic greenhouse-gas (GHG) emissions 17 percent by 2020. Even very conservative estimates yield an average WTP at or above $60 per year. Taking advantage of randomized treatments within the survey valuation question, we find that mean WTP does not vary substantially among the policy instruments of a cap-and-trade program, a carbon tax, or a GHG regulation. But there are differences in the sociodemographic characteristics of those willing to pay across policy instruments. Greater education always increases WTP. Older individuals have a lower WTP for a carbon tax and a GHG regulation, while greater household income increases WTP for these same two policy instruments. Republicans, along with those indicating no political party affiliation, have a significantly lower WTP regardless of the policy instrument. But many of these differences are no longer evident after controlling for respondent opinions about whether global warming is actually happening.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 17539.

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Date of creation: Oct 2011
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Publication status: published as Kotchen, M., K. Boyle, and A. Leiserowitz, “Policy-Instrument Choice and Benefit Estimates for Climate-Change Policy in the United States,” Energy Policy, forthcoming.
Handle: RePEc:nbr:nberwo:17539

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  1. Richard T. Carson & W. Michael Hanemann & Raymond J. Kopp & Jon A. Krosnick & Robert C. Mitchell & Stanley Presser & Paul A. Ruud & Smith, V. Kerry, 1995. "Referendum Design and Contingent Valuation: TheNOAA Panel's No-Vote Recommendation," Working Papers 95-17, Duke University, Department of Economics.
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