We model countries' choice of greenhouse gas (GHG) emissions as a dynamic game. Emissions generate immediate benefits to the emitting country but also increase atmospheric GHG concentrations that negatively affect present and future welfare of all countries. Because there are no international...

We develop the concept of aggregate emission targets, which are goals for national emissions but do not dictate the forms of regulation used to achieve the goals. We compare aggregate emission intensity, quantity, and price targets adopted at the national level but implemented cost effectively...