Transaction costs and risk have generally not been taken into account in assessing the Kyoto mechanisms JI, CDM and emissions trading. However, they can have a significant influence. With regard to the project-based mechanisms, the factor that most determines the influence of transaction costs...

A consistent mapping of all complex ramifications (including direct and indirect effects) of variousgreenhouse policies in an open institutional economy requires the use of a general equilibriumframework. From the existing set of available equilibrium models we have selected the...

The Clean Development Mechanism (CDM) has seen a spectacular rise of activity since mid-2005 that has led to more than 400 project submissions with a combined estimated emission reduction volume of 570 million t CO2 eq. until the end of the commitment period. Several technologies have been...