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Does Distribution Matter? When Flexibility, Equity and Efficiency in Greenhouse Gas Abatement

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Author Info
Gunter Stephan
Georg Müller-Fürstenberger
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 rights. (3) Optimal carbon accumulation is not independent of the initial allocation of carbon rights. Different initial sharing rules clearly influence the development of atmospheric carbon concentration.

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Paper provided by Universitaet Bern, Departement Volkswirtschaft in its series Diskussionsschriften with number dp0301.

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Date of creation: Feb 2003
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Handle: RePEc:ube:dpvwib:dp0301

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

Find related papers by JEL classification:
Q4 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy
F2 - International Economics - - International Factor Movements and International Business

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References listed on IDEAS
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  1. Stephan, Gunter & Muller-Furstenberger, Georg, 1998. "Discounting and the Economic Costs of Altruism in Greenhouse Gas Abatement," Kyklos, Blackwell Publishing, vol. 51(3), pages 321-38.
  2. Victor Ginsburgh & Michiel Keyzer, 2002. "The Structure of Applied General Equilibrium Models," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262571579, December.
  3. Kling, Catherine & Rubin, Jonathan, 1997. "Bankable permits for the control of environmental pollution," Journal of Public Economics, Elsevier, vol. 64(1), pages 101-115, April. [Downloadable!] (restricted)
  4. Chichilnisky, Graciela & Heal, Geoffrey, 1994. "Who should abate carbon emissions? : An international viewpoint," Economics Letters, Elsevier, vol. 44(4), pages 443-449, April. [Downloadable!] (restricted)
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  5. Paul Leiby & Jonathan Rubin, 2001. "Intertemporal Permit Trading for the Control of Greenhouse Gas Emissions," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 19(3), pages 229-256, July. [Downloadable!] (restricted)
  6. Richard F. Kosobud & Thomas A. Daly & David W. South & Kevin G. Quinn, 1994. "Tradable Cumulative CO2 Permits and Global Warming Control," The Energy Journal, International Association for Energy Economics, vol. 15(2), pages 213-232.
  7. repec:eab:tradew:179 is not listed on IDEAS
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  8. McKibbin, Warwick J. & Shackleton, Robert & Wilcoxen, Peter J., 1999. "What to expect from an international system of tradable permits for carbon emissions," Resource and Energy Economics, Elsevier, vol. 21(3-4), pages 319-346, August. [Downloadable!] (restricted)
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  9. Biglaiser, Gary & Horowitz, John K & Quiggin, John, 1995. "Dynamic Pollution Regulation," Journal of Regulatory Economics, Springer, vol. 8(1), pages 33-44, July.
  10. Manne, Alan & Mendelsohn, Robert & Richels, Richard, 1995. "MERGE : A model for evaluating regional and global effects of GHG reduction policies," Energy Policy, Elsevier, vol. 23(1), pages 17-34, January. [Downloadable!] (restricted)
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