This paper reviews a range of issues relating to tradeable carbon dioxide quotas. It considers the economic principles on which they are based, compares them with alternative carbon abatement policies, and reviews many aspects of how tradeable quotas would be implemented in practice ...

This volume provides a rigorous and analytical perspective on the pressing issue of making economic progress consistent with environmental conservation. It proposes formal definitions of sustainability, embeds them in dynamic models and models of uncertainty, and explores the concepts and their...

As human societies grapple with the scarcity of environmental resources—clean water, biodiversity, and atmospheric quality—environmental markets will achieve an important role in the global economy. Along with markets for knowledge, they may become the most important institutions in the...

We study a growth model with an environmental asset which is a source of utility and an input to consumption and production. The stock of this asset follows its own ecological dynamics, which are affected by economic activity. We study the implications of an approach to ranking sequences of...