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The Economics of "When" Flexibility in the Design of Greenhouse Gas Abatement Policies

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Toman, Michael
Morgenstern, Richard () (Resources for the Future)
Anderson, John () (Resources for the Future)

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Abstract

This paper focuses on the economic desirability of the fixed and relatively short-term greenhouse gas targets and timetables in the Kyoto Protocol. The Protocol provides flexibility in which greenhouse gases to control, where control can be implemented, and what domestic policy measures are used. However, the Protocol does not allow much flexibility in when emission reductions take place in pursuit of longer-term environmental goals. Nor does it allow more flexible shorter-term environmental targets through price-based policy instruments that balance environmental goals and compliance costs. The relative inflexibility of the Protocol with respect to these elements may derive, in part, from a misplaced analogy between the global warming issue and the highly successful effort to phase out CFCs under the Montreal Protocol. The lack of "when" flexibility may be a key barrier to achieving the broader goals of the Kyoto Protocol, particularly if "where" flexibility is constrained in implementing the Protocol.

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Paper provided by Resources For the Future in its series Discussion Papers with number dp-99-38-rev.

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Date of creation: 01 Dec 1998
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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Michael Toman, 1998. "Research Frontiers in the Economics of Climate Change," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 11(3), pages 603-621, April. [Downloadable!] (restricted)
  2. Kolstad, Charles D., 1996. "Learning and Stock Effects in Environmental Regulation: The Case of Greenhouse Gas Emissions," Journal of Environmental Economics and Management, Elsevier, vol. 31(1), pages 1-18, July. [Downloadable!] (restricted)
  3. Michael Grubb & Chapuis Thierry & Minh Ha-Duong, 1995. "The economics of changing course: implications of adaptability and inertia for optimal climate policy," Post-Print halshs-00002455_v1, HAL. [Downloadable!]
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  4. Lawrence H. Goulder & Koshy Mathai, 1998. "Optimal CO2 Abatement in the Presence of Induced Technological Change," NBER Working Papers 6494, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  5. Chichilnisky, G. & Heal, G., 1993. "Global Environmental Risks," Discussion Papers 1993_03, Columbia University, Department of Economics.
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  6. Morgenstern, Richard & Harrington, Winston & Nelson, Per-Kristian, 1999. "On the Accuracy of Regulatory Cost Estimates," Discussion Papers dp-99-18, Resources For the Future. [Downloadable!]
  7. Warwick J. McKibbin & Peter J. Wilcoxen, 1997. "A Better Way to Slow Global Climate Change," Economics and Environment Network Working Papers 9702, Australian National University, Economics and Environment Network. [Downloadable!]
  8. Toman, Michael, 1998. "Research Frontiers in the Economics of Climate Change," Discussion Papers dp-98-32, Resources For the Future. [Downloadable!]
  9. Weitzman, Martin L, 1978. "Optimal Rewards for Economic Regulation," American Economic Review, American Economic Association, vol. 68(4), pages 683-91, September. [Downloadable!] (restricted)
  10. Roberts, Marc J. & Spence, Michael, 1976. "Effluent charges and licenses under uncertainty," Journal of Public Economics, Elsevier, vol. 5(3-4), pages 193-208. [Downloadable!] (restricted)
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  14. Goulder Lawrence H., 1995. "Effects of Carbon Taxes in an Economy with Prior Tax Distortions: An Intertemporal General Equilibrium Analysis," Journal of Environmental Economics and Management, Elsevier, vol. 29(3), pages 271-297, November. [Downloadable!] (restricted)
  15. Hourcade, Jean-Charles & Robinson, John, 1996. "Mitigating factors : Assessing the costs of reducing GHG emissions," Energy Policy, Elsevier, vol. 24(10-11), pages 863-873. [Downloadable!] (restricted)
  16. Parry, Ian & Goulder, Lawrence & Williams III, Roberton, 1997. "When Can Carbon Abatement Policies Increase Welfare? The Fundamental Role of Distorted Factor Markets," Discussion Papers dp-97-18-rev, Resources For the Future. [Downloadable!]
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  17. Parry, Ian & Pizer, William & Fischer, Carolyn, 1998. "Instrument Choice for Environmental Protection When Technological Innovation is Endogenous," Discussion Papers dp-99-04, Resources For the Future. [Downloadable!]
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  18. Pizer, William, 1997. "Optimal Choice of Policy Instrument and Stringency Under Uncertainty: The Case of Climate Change," Discussion Papers dp-97-17, Resources For the Future. [Downloadable!]
  19. Minh Ha-Duong & Michael Grubb & Jean-Charles Hourcade, 1997. "Influence of socioeconomic inertia and uncertainty on optimal CO2-emission abatement," Post-Print halshs-00002452_v1, HAL. [Downloadable!]
  20. Warwick J. McKibbin & Peter J. Wilcoxen, 1997. "Salvaging the Kyoto Climate Change Negotiations," Economics and Environment Network Working Papers 9704, Australian National University, Economics and Environment Network. [Downloadable!]
  21. Palmer, Karen & Oates, Wallace E & Portney, Paul R, 1995. "Tightening Environmental Standards: The Benefit-Cost or the No-Cost Paradigm?," Journal of Economic Perspectives, American Economic Association, vol. 9(4), pages 119-32, Fall. [Downloadable!] (restricted)
  22. Grubb, Michael, 1997. "Technologies, energy systems and the timing of CO2 emissions abatement : An overview of economic issues," Energy Policy, Elsevier, vol. 25(2), pages 159-172, February. [Downloadable!] (restricted)
  23. Pizer, William, 1997. "Prices vs. Quantities Revisited: The Case of Climate Change," Discussion Papers dp-98-02, Resources For the Future. [Downloadable!]
  24. Weitzman, Martin L, 1974. "Prices vs. Quantities," Review of Economic Studies, Blackwell Publishing, vol. 41(4), pages 477-91, October. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Toman, Michael & Shogren, Jason, 2000. "Climate Change Policy," Discussion Papers dp-00-22, Resources For the Future. [Downloadable!]
  2. Toman, Michael, 2003. "Economic Analysis and the Formulation of U.S. Climate Policy," Discussion Papers dp-02-59, Resources For the Future. [Downloadable!]
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