a regulator and a firm that pay out the difference between a guaranteed strikeprice and the actual carbon price per … instrument as it hedges firms’ risk encouraging investments when the firms’ risk aversion would otherwise inhibit this. In … contrast to mitigating firms’ risk by committing to a carbon price early on, CCfDs maintain the regulator’s flexibility to …

. Uncertainty about the future rate of growth of the economy and emissions and the risk of macroeconomic disasters (tail risks) also … over time. A declining social discount rate also emerges if account is taken from the relative price effects resulting from …

Uncertainty is critical to questions about climate change policy. Recently developed recursive integrated assessment … models have become the primary tools for studying and quantifying the policy implications of uncertainty. We decompose the … channels through which uncertainty affects policy and quantify them in a recursive extension of a benchmark integrated …

design, focus on effort or outcome. This paper considers two choices - price versus quantity controls and absolute versus …The uncertainty surrounding both costs and benefits associated with global climate change mitigation creates enormous … hurdles for scientists, stakeholders, and decisionmakers. A key issue is how policy choices balance uncertainty about costs …

achieve the same emissions reductions as an inflexible approach, reduces the increase in electricity price by 60 percent and …

performance standards (averaging) emerge as the likely tool to achieve flexibility in the regulation of existing stationary … electricity price increase. Under the act, multiple stringency criteria are relevant. EPA should evaluate state implementation …

In the absence of a global carbon price, many individual countries set up policies to incentivize specific abatement … this in mind, the objective of this paper is to document heterogeneity in the price of carbon implicitly associated with a … significant heterogeneity in energy savings across interventions, and suggest that the implicit price of carbon associated with …

In the absence of a global carbon price, many individual countries set up policies to incentivize specific abatement … this in mind, the objective of this paper is to document heterogeneity in the price of carbon implicitly associated with a … significant heterogeneity in energy savings across interventions, and suggest that the implicit price of carbon associated with …

are limited for a credible, exponentially growing carbon price, although temporary “green paradoxes” phenomena may … materialize. Financial regulation encouraging the decarbonization of the banks' balance sheets via tax-subsidy schemes … effective stimulus without compromising the objective of price stability. Our results suggest that the involvement of central …