This paper compares the Kyoto Protocol and the Paris Agreement in the dynamic game of Battaglini and Harstad (2016 …). The symmetric Nash bargaining solution reflects the Kyoto Protocol, whereas in the Paris Agreement coalition countries … underinvest, which leads to a hold-up problem. The stable climate coalition is small in the Kyoto Protocol and large in the Paris …

This paper compares the Kyoto Protocol and the Paris Agreement in the dynamic game of Battaglini and Harstad (2016 … Kyoto Protocol. In a large set of economies, the Kyoto Protocol is Pareto superior to the Paris Agreement. Although the … stable climate coalition is large in the Paris Agreement and small in the Kyoto Protocol, the emissions reductions of a …