combine tax-versus-trading under uncertainties with revenue recycling. Including multiple parties greatly reduces the welfare … advantage of an emissions tax over emissions (permit) trading in handling abatement-cost uncertainties, from that shown by … existing, single-party literature. But a tax has a different, much bigger advantage, from better handling uncertainties in …

include both tax-versus-trading under uncertainties, and revenue recycling. Including multiple, independent parties greatly … reduces the welfare advantage of an emissions tax over emissions (permit) trading in handling abatement-cost uncertainties … better handling uncertainties in business-as-usual emissions, greatly boosts the overall tax-versus-trading advantage. Yet …