's familiar argument on the price of a non-renewable resource: it must grow at the rate of the next best use of marginal funds … global mitigation policy with carbon price paths for different countries growing (efficiently) at different rates. …

's formula. In this manner, we obtained the models for optimal emission reduction and equilibrium CA price. Our numerical … revealed that the energy price indirectly affected the equilibrium CA price by influencing the Hurst exponent, the depreciation … rate positively impacted the CA price, and increasing the initial CA reduced the optimal reduction and the CA price. Our …