We use field-level cost estimates of all oil and natural gas fields to highlight dynamic aspects of a global carbon tax. Some of the initial reduction in consumption will be offset through higher consumption later on. Only high-cost reserves will be priced out of the market, e.g., at 200 dollars...

This paper reviews a range of issues relating to tradeable carbon dioxide quotas. It considers the economic principles on which they are based, compares them with alternative carbon abatement policies, and reviews many aspects of how tradeable quotas would be implemented in practice

Climate risks have always been amongst the most important faced by human societies. Today the concern has new elements: the global nature of possible changes and the fact that they are driven by human activity. The risks posed by climate change are therefore endogenous and so outside of the...