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We model dynamic mechanisms for a global commons. Countries benefit from both consumption and aggregate conservation of an open access resource. A country's relative value of consumption-to-conservation is privately observed and evolves stochastically. An optimal quota maximizes world welfare...
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This paper formulates a dynamic model of global carbon consumption in the absence of an effective international agreement. Each period, countries extract carbon from the global ecosystem. A country's output depends both on its carbon usage and on the ecosystem ("stored carbon"). The desired mix...
Persistent link: https://www.econbiz.de/10011141225