Carbon dioxide emissions are a major force driving climate change. We construct scenarios of CO2 emissions from fossil …

ecosystem prices guide the allocation in the economy and in the ecosystem, respectively. We distinguish the scenarios of an open … accessible habitat and a privately owned habitat. In both scenarios efficiency requires different corrective taxes/subsidies to …

, sustaining only modest cuts in emissions. These results are unaffected by uncertainty about the impact of catastrophe. By … contrast, uncertainty about the catastrophic threshold typically causes coordination to collapse. Whether the probability …

some recipients are exposed to uncertainty. Although, under certainty almost all uninvolved participants distribute … resources equally, they exhibit remarkable heterogeneity in just allocations under uncertainty. Moreover, uninvolved … participants allocate on average less to recipients exposed to higher degrees of uncertainty and allocations are correlated with …

prices versus tradable quantities in terms of expected welfare, given uncertainty, optimal policy and endogenous cost …

circulation model. It also features Epstein-Zin utility and uncertainty about climate sensitivity that resolves after some time …

). Exogenous uncertainty over the size of the negotiated amount of water is introduced to capture the fact that water availability …