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An Economic Theory of Emission Cap Determination by an International Agreement

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  • Sudhir A. Shah

Abstract

The objectives of this paper are twofold. First, we wish to propose a conceptual and institutional framework for the rst step of the Kyoto procedure. This framework is formally expressed in a non-cooperative model of emission capping, that is, the creation of endowments of emission rights. In addition to providing a basic model that formalizes a positive and normative theory of emission capping, the basic model is extended in natural ways to incorporate and analyze the strategic maneuvering entailed by it. Our basic model is constructed to satisfy four principles: domestic national sovereignty, non-cooperative voluntarism, transfer neutrality and optimality.

Suggested Citation

  • Sudhir A. Shah, 2008. "An Economic Theory of Emission Cap Determination by an International Agreement," Working Papers id:1564, eSocialSciences.
    • Handle: RePEc:ess:wpaper:id:1564
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