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The Future of US Carbon-Pricing Policy

In: Economics of Environment, Climate Change, and Wine Selected Papers of Robert N Stavins Volume 3 (2011–2023)

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  • Robert N. Stavins

Abstract

In this chapter, I will compare the two major approaches to carbon pricing — carbon taxes and cap-and-trade — in the context of a possible future US climate policy, and to do so by treating both instruments in a balanced manner, examining their merits and challenges, without necessarily favoring one or the other. I try to follow the principle that when making normative comparisons of policy instruments, it is most valuable to compare either idealized versions of two instruments or realistic (likely to be implemented) versions of both, thereby avoiding a comparison of an idealized version of one instrument with a less-than-ideal but realistic version of another (Hahn and Stavins, 1992)…

Suggested Citation

  • Robert N. Stavins, 2025. "The Future of US Carbon-Pricing Policy," World Scientific Book Chapters, in: Economics of Environment, Climate Change, and Wine Selected Papers of Robert N Stavins Volume 3 (2011–2023), chapter 11, pages 299-365, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789811292415_0011
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    Keywords

    Climate Change Economics; Climate Change Policy; Wine Economics; Environmental Economics; Energy Economics; Natural Resource Economics; Energy-Efficiency Gap; Climate Negotiators; Carbon Pricing; Carbon Pricing Policy; Greenhouse; SO2 Allowance Trading System; Clean Air Act; Intergovernmental Panel on Climate Change; Durban Climate Talks; The Paris Agreement; Terroir;
    All these keywords.

    JEL classification:

    • Q5 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth
    • Q58 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Government Policy

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