This paper explores implications of climate change for fiscal policy by assessing the impact of large scale extreme weather events on changes in public budgets. We apply alternative measures for large scale extreme weather events and conclude that the budgetary impact of such events ranges...

The 1998 Kyoto protocol signalled a new earnestness of international intent toward addressing the perceived risk of climate change. Kyoto demands that developed nations turn their economies so as to hit differentiated, sub-1990 level carbon emission targets within the next decade or so. But when...

Questions of burden sharing receive increasing attention in the climate change regime. This paper introduces the WESA-mechanism (WESA = Walrasian Equilibrium with the Stand Alone upper bound) for the fair division of common property resources and monetary compensations. Furthermore, the...

The purpose of the present paper is to describe the role of uncertainty and technical change in an environmental context. Which impact does ecological uncertainty have on physical and R&D investments' decisions? How are pollution trajectories modified when uncertainty is taken into account? To...