An international payment for ecosystem service (IPES) schemes may be one of the only mechanisms available to stimulate the provision of vital non-marketed ecosystem services at the global level, as those nations that benefit from global ecosystem services (GES) cannot readily force other...

The global dimension of environmental problems stresses the need of an internationally linked environmental environmental policy. The example of climate change policy shows, that environmental policy has to be a subject of a globally oriented international policy formulating operational targets...

This paper uses a discrete-time partial equilibrium model of the European Emissions Trading System (EU ETS) to analyze the impact of the recent reform on allowance prices. By including bounded rationality such as myopia or hedging requirements, we find that the Hotelling price path is no longer...