emissions reductions. Taken together, these forces result in social welfare losses under policy regimes that fully internalize … market power and emissions leakage can deliver welfare gains …

theory, differentiated policies can be designed to accommodate non-uniformly mixed pollution using emissions penalties that … vary with emissions damages. Under perfect certainty, damage-based policy differentiation is unambiguously welfare … improving. In the presence of uncertainty about damages and abatement costs, differentiated policies need not welfare dominate …

theory, differentiated policies can be designed to accommodate non-uniformly mixed pollution using emissions penalties that … vary with emissions damages. Under perfect certainty, damage-based policy differentiation is unambiguously welfare … improving. In the presence of uncertainty about damages and abatement costs, differentiated policies need not welfare dominate …

emissions reductions. Taken together, these forces result in social welfare losses under policy regimes that fully internalize … market power and emissions leakage can deliver welfare gains …

improve their economic welfare even beyond non-abatement baseline levels. A decomposition of the general equilibrium effects … associated with C&C shows that changes in the terms of trade constitute a key determinant of the overall welfare effects. …