Birchenhall, Chris; Windrum, Paul - In: Journal of Economics and Statistics (Jahrbuecher fuer … 234 (2014) 2-3, pp. 366-387
Global warming is a market failure in that the market prices of goods do not reflect the externality imposed on us all by the green house gases (GHGs) emitted in their production. To date global politics has not provided an effective agreement on how to abate these emissions. Over and above...