We introduce a "smart" cap and trade system that eliminates the welfare costs of asymmetric information (“uncertainty”). This cap responds endogenously to technology or macroeconomic shocks, relying on the market price of certificates to aggregate information. It allows policy makers to...

Enlargement, structural change, cap reform, and trade liberalization in European agriculture / Frank H. Fuller and John C. Beghin -- Agricultural productivity growth in the European Union and transition countries / Supawat Rungsuriyawiboon and Alexej Lissitsa -- European integration, reforms,...