Under the Kyoto Protocol, countries can meet treaty obligations by investing in projects that reduce or sequester greenhouse gases elsewhere. Prior to ratification, treaty participants agreed to launch country-based pilot projects, referred to collectively as Activities Implemented Jointly...

Since the early 1980s, dramatic changes in export commodity markets, shocks associated with resulting price declines, and changing views on the role of the state have ushered in widespread reforms to agricultural commodity markets in Africa. The reforms significantly reduced government...

Emissions trading could significantly reduce the costs of limits on greenhouse gas emissions. Complementary domestic policies to reduce fragmentation in evolving secondary markets, establish clear baselines and procedures, and strengthen host-country institutions could further reduce the risks...

Market liberalization has increased the appeal of commodity derivative instruments (such as futures, options, swaps, and commodity-linked notes) as a means of managing price uncertainty. In many emerging countries both government and the private sector are increasingly using these instruments....

Considine and Larson develop a model of environmental resource use in production with an empirical analysis of how electric power companies consume and bank sulfur dioxide pollution permits. The model considers emissions, fuels, and labor as variable inputs with quasi-fixed inputs of permits and...

Returns to storage for crude oil reserves contain both a cost-reducing component (consistent with Kaldor's original notion of convenience) and often sizable premiums associated with the dispersion of petroleum prices.Innovations in futures, options, and derivative instruments permit active...