This paper gathers results from 25 models of the market for tradable greenhouse gas (GHG) emission permits under the Kyoto Protocol. Due to diverging projections of emissions growth and different modeling approaches, the model results differ substantially. The average market volume is...

This paper compares the Kyoto Protocol and the Paris Agreement in the dynamic game of Battaglini and Harstad (2016). The asymmetric Nash solution of this game reflects the Paris Agreement, whereas the symmetric Nash solution reflects the Kyoto Protocol. In a large set of economies, the Kyoto...