First steps toward a broad climate agreement, such as the Kyoto Protocol, have focused on less than global geographic coverage. We consider instead a policy that is less comprehensive in term of greenhouse gases (GHGs), including only the non-CO2 GHGs, but is geographically comprehensive....

Given the large uncertainties regarding potential damages from climate change and the significant but also uncertain costs of reducing greenhouse emissions, the debate over a policy response is often framed as a choice of acting now or waiting until the uncertainty is reduced. Implicit in the...

Carbon dioxide emissions abatement in a grou p of countries can result in increased emissions in non-abatingcountries. This effect has been referred to as carbon leakage. The Kyoto Protocol calls for a number of industrialized countries to limit their emissions while other countries have no...

Future levels of carbon dioxide emissions from fossil fuels are an important determinant of the severity and timing of global warming due to elevated levels of radiatively active (greenhouse) gases in the atmosphere. Many studies have addressed this issue,. These include Rotty (1977), Keeling...

In recent years, the greenhouse problem has aroused widespread public concern. Changing Climate, a report by the National Academy of Sciences (NAS) (1983), represents a useful and timely synthesis of current scientific investigations of the impact of greenhouse gases on climate and society. The...

One of the important by-products of the combustion of fossil fuels is carbon dioxide (C02), a nontoxic, colorless gas with a faintly pungent odor and acid taste. Carbon dioxide is not commonly thought of as a pollutant. Rather, COs plays an important role in the determination of the global...

Economic efficiency is a major argument for international emissions trading under the Kyoto Protocol. We show that permit trading can be welfare decreasing for countries, even though private trading parties benefit. The result is a case of "immiserizing" growth in the sense of Bhagwati where the...