Emissions trading challenges the management of companies in an entirely new manner: Not only does it, like other market-based environmental policy instruments, allow for a bigger flexibility in management decisions concerning emission issues. More importantly, it shifts the mode of governance of...

Interactions between Economy and Climate: Climate Change and Technical Progress: Impact of Informational Constraints -- Environmental Policy in a Dynamic Model with Heterogeneous Agents and Voting -- Optimal Environmental Policy in the Presence of Multiple Equilibria and Reversible Hysteresis --...

Emissions trading (ET) challenges business managers in an entirely new manner, changing the criteria by which environmental policy steers management decisions from hierarchical to monetary. The 24 contributions to this volume discuss ET theoretically and empirically in these broad topic areas:...