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Life After Kyoto: Alternative Approaches to Global Warming

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  • William Nordhaus

Abstract

This study reviews different approaches to the political and economic control of global public goods like global warming. It compares quantity-oriented control mechanisms like the Kyoto Protocol with price-type control mechanisms such as internationally harmonized carbon taxes. The pros and cons of the two approaches are compared, focusing on such issues as performance under conditions of uncertainty, volatility of the induced carbon prices, the excess burden of taxation and regulation, potential for corruption and accounting finagling, and ease of implementation. It concludes that, although virtually all discussions about economic global public goods have analyzed quantitative approaches, price-type approaches are likely to be more effective and more efficient.

Suggested Citation

  • William Nordhaus, 2005. "Life After Kyoto: Alternative Approaches to Global Warming," NBER Working Papers 11889, National Bureau of Economic Research, Inc.
  • Handle: RePEc:nbr:nberwo:11889
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    Cited by:

    1. Valentina Bosetti & David G. Victor, 2011. "Politics and Economics of Second-Best Regulation of Greenhouse Gases: The Importance of Regulatory Credibility," The Energy Journal, International Association for Energy Economics, vol. 0(Number 1), pages 1-24.
    2. repec:eee:crpeac:v:21:y:2010:i:7:p:611-618 is not listed on IDEAS
    3. Sterner, Thomas & Muller, Adrian, 2006. "Output and Abatement Effects of Allocation Readjustment in Permit Trade," Discussion Papers dp-06-49, Resources For the Future.
    4. Onno Kuik & Jeroen Aerts & Frans Berkhout & Frank Biermann & Jos Bruggink & Joyeeta Gupta & Richard S.J. Tol, 2008. "Post-2012 climate policy dilemmas: a review of proposals," Climate Policy, Taylor & Francis Journals, vol. 8(3), pages 317-336, May.
    5. Fritz Rahmeyer, 2007. "Europäischer Handel mit Treibhausgasemissionszertifikaten und seine Umsetzung in das deutsche Umweltrecht," Discussion Paper Series 296, Universitaet Augsburg, Institute for Economics.
    6. Hansjürgens, Bernd, 2008. "Internationale Klimapolitik nach Kyoto: Architekturen und Institutionen," UFZ Discussion Papers 10/2008, Helmholtz Centre for Environmental Research (UFZ), Division of Social Sciences (ÖKUS).
    7. John Freebairn, 2010. "Carbon Taxes vs Tradable Permits: Efficiency and Equity Effects for a Small Open Economy," Chapters,in: Tax Reform in Open Economies, chapter 10 Edward Elgar Publishing.
    8. Adrian Amelung, 2016. "Das "Paris-Agreement": Durchbruch der Top-Down-Klimaschutzverhandlungen im Kreise der Vereinten Nationen," Otto-Wolff-Institut Discussion Paper Series 03/2016, Otto-Wolff-Institut für Wirtschaftsordnung, Köln, Deutschland.
    9. repec:bla:pacecr:v:22:y:2017:i:3:p:435-479 is not listed on IDEAS
    10. Peter Cramton & Steven Stoft, 2009. "Global Carbon Pricing: A Better Climate Commitment," Papers of Peter Cramton 09gcp, University of Maryland, Department of Economics - Peter Cramton, revised 2009.
    11. Habermacher, Florian, 2011. "The Law of Small Abatements: Prices over Quantities in Realistic Climate Policies," Economics Working Paper Series 1118, University of St. Gallen, School of Economics and Political Science, revised Jun 2011.
    12. Cameron Hepburn, 2006. "Regulation by Prices, Quantities, or Both: A Review of Instrument Choice," Oxford Review of Economic Policy, Oxford University Press, vol. 22(2), pages 226-247, Summer.

    More about this item

    JEL classification:

    • H2 - Public Economics - - Taxation, Subsidies, and Revenue
    • Q5 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics

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