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The Relative Merits of Carbon Pricing Instruments: Taxes versus Trading

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

The following sections are included:IntroductionSimilarities between Carbon Taxes and Cap-and-TradeDifferences between Carbon Taxes and Cap-and-TradeHybrid Policy Instruments and a Policy ContinuumLessons Learned from Experience with Carbon Pricing PoliciesSummary and ConclusionsAcknowledgmentsReferences

Suggested Citation

  • Robert N. Stavins, 2025. "The Relative Merits of Carbon Pricing Instruments: Taxes versus Trading," World Scientific Book Chapters, in: Economics of Environment, Climate Change, and Wine Selected Papers of Robert N Stavins Volume 3 (2011–2023), chapter 12, pages 367-396, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789811292415_0012
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    1. Flavio Eduardo Fava & Lucílio Rogério Aparecido Alves & Thiago Libório Romanelli, 2025. "Economic Feasibility and Decarbonization Incentives of Sugarcane Biogas Production Pathways," Agriculture, MDPI, vol. 15(4), pages 1-17, February.
    2. Barbara Annicchiarico & Marco Carli & Francesca Diluiso, 2022. "Climate Policies, Macroprudential Regulation, and the Welfare Cost of Business Cycles," CEIS Research Paper 543, Tor Vergata University, CEIS, revised 31 Oct 2022.
    3. Sterner, Thomas & Ewald, Jens & Sterner, Erik, 2024. "Economists and the climate," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 109(C).
    4. Bustamante, Maria Cecilia & Zucchi, Francesca, 2024. "Dynamic carbon emission management," Working Paper Series 2885, European Central Bank.
    5. Satoshi Honma & Jin-Li Hu, 2024. "How Does Environmental Policy Stringency Affect Inefficiency of Firms? New Evidence from International Firm-Level Data," Circular Economy and Sustainability, Springer, vol. 4(2), pages 1539-1558, June.
    6. Oh, Hyungna & Lee, Jae Yoon & Jeong, Eunmi & Kim, Jee Young, 2023. "Simulated effects of carbon pricing on industrial sector energy use," Japan and the World Economy, Elsevier, vol. 68(C).
    7. Blanz, Alkis & Eydam, Ulrich & Heinemann, Maik & Kalkuhl, Matthias, 2025. "Market-based climate policy with fluctuating fossil energy prices," Economic Modelling, Elsevier, vol. 144(C).
    8. Frikk Nesje & Robert C. Schmidt & Moritz A. Drupp & Robert Christian Schmidt, 2024. "Designing Carbon Pricing Policies Across the Globe," CESifo Working Paper Series 11424, CESifo.
    9. Albert, Juan-Francisco & Gómez-Fernández, Nerea & Boto-García, David, 2025. "Up in the air: How do carbon policy shocks affect air travel?," Transport Policy, Elsevier, vol. 168(C), pages 54-68.
    10. Boto-García, David & Albert, Juan Francisco & Gómez-Fernández, Nerea, 2024. "Carbon price shocks and tourism demand," Annals of Tourism Research, Elsevier, vol. 108(C).
    11. Guoyu Wang & Jinsheng Zhou, 2022. "Multiobjective Optimization of Carbon Emission Reduction Responsibility Allocation in the Open-Pit Mine Production Process against the Background of Peak Carbon Dioxide Emissions," Sustainability, MDPI, vol. 14(15), pages 1-21, August.
    12. Laurencio Daniel Artana, 2022. "Impuestos al carbono: una reforma para el caso argentino," Asociación Argentina de Economía Política: Working Papers 4537, Asociación Argentina de Economía Política.
    13. Aaron Finley & Wei He & Hui Huang & Chitin Hon, 2024. "Analyzing the Effectiveness of Carbon Pricing Instruments in Reducing Carbon Emissions in Major Asian Economies," Sustainability, MDPI, vol. 16(23), pages 1-20, December.
    14. Heyen, Daniel & Weinschenk, Philipp, 2023. "Can they sort it out themselves? Regulating externalities between Coase and Pigou," VfS Annual Conference 2023 (Regensburg): Growth and the "sociale Frage" 277647, Verein für Socialpolitik / German Economic Association.
    15. Zhang, Peiwen & Ding, Rui, 2023. "How to achieve carbon abatement in aviation with hybrid mechanism? A stochastic evolutionary game model," Energy, Elsevier, vol. 285(C).
    16. Robert N. Stavins, 2024. "What really happened at COP-28 in Dubai: A personal view," ECONOMICS AND POLICY OF ENERGY AND THE ENVIRONMENT, FrancoAngeli Editore, vol. 2024(1), pages 5-13.
    17. Yue, Xianghua & Peng, Michael Yao-Ping & Anser, Muhammad Khalid & Nassani, Abdelmohsen A. & Haffar, Mohamed & Zaman, Khalid, 2022. "The role of carbon taxes, clean fuels, and renewable energy in promoting sustainable development: How green is nuclear energy?," Renewable Energy, Elsevier, vol. 193(C), pages 167-178.

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    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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