This paper analyses the design of carbon markets in space (i.e., geographically). It is part of a twin set of papers that, starting from first principles, ask what an optimal global carbon market would look like by around 2030. Our focus is on firm-level cap-and-trade systems, although much of...

This paper analyses the design of carbon markets in time (i.e., intertemporally). It is part of a twin set of papers that ask, starting from first principles, what an optimal global carbon market would look like by around 2030. Our focus is on firm-level cap-and-trade systems, although much of...

The expansion of a given land use may affect deforestation directly if forests are cleared to free land for this use, or indirectly, via the displacement of other land-use activities from non-forest areas towards the forest frontier. Unlike direct land conversion, indirect land-use changes...