While an international agreement over the reduction of greenhouse gases (GHGs) emissions proves to be elusive, there is a large and growing support for investment in developing more effective technologies to adapt to climate change. We show that an increase in effectiveness of adaptation will...

Consider a situation in which countries anticipate an international environmental agreement (IEA) to be in effect sometime in the future. What is the impact of the future IEA on current emissions after its announcement? We show that the answer to this question is ambiguous. We examine four types...