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Does Distribution Matter? When Flexibility and Pareto-Efficiency in Greenhouse Gas Abatement

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  • Gunter Stephan
  • Georg Müller-Fürstenberger
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    Abstract

    This paper analyses banking and borrowing of carbon emission rights within the framework of a simple, integrated assessment model. Breaking the world economy in just two regions it will be shown: (1) Increasing when-flexibility in greenhouse gas abatement through banking and borrowing of carbon emission permits has a positive effect on welfare for regions with a poor endowment in carbon emission rights, but negatively affects rich-endowed regions. (2) Intergenerational fairness advocates intertemporal flexibility in greenhouse gas abatement, irrespectively of the initial allocation of carbon right. (3) Changing the degree of when-flexibility has only a small impact on global climate damages. (4) This is in contrast to the observation that the initial allocation of carbon emission rights has a significant impact on atmospheric carbon.

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    File URL: http://www.vwl.unibe.ch/papers/dp/dp0102.pdf
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    Bibliographic Info

    Paper provided by Universitaet Bern, Departement Volkswirtschaft in its series Diskussionsschriften with number dp0102.

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    Date of creation: Jul 2001
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    Handle: RePEc:ube:dpvwib:dp0102

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    Related research

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

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