Economic Theory and Global Warming

By Hirofumi Uzawa | Go to book overview

3
Global Warming and Tradable Emission Permits

1. INTRODUCTION

Among the many institutional arrangements and policy measures proposed to control the emission of carbon dioxide and other greenhouse gases and effectively abate the processes of global warming, the institution of international markets for tradable emission permits is probably the one that has most attracted the attention of the economist, as typically argued by Tietenberg (1985, 1992), Bertram (1992), and Barrett et al. (1992), Barrett and Taylor (1995) and others.

Bertram, Stephens, and Wallace (1989) argued that a worldwide system of tradable emission permitscould beaneffective way of advancing the interests of developing countries in harmony with the global community's interest in protecting the atmosphere. This egalitarian view was expounded and reinforced further by Grubb (1989, 1990), Hoel (1991), Tietenberg (1992), Rose and Stevens (1993), and others.

The main advantages of markets for tradable emission permits are their ability to achieve environmental aims with a minimal bureaucratic apparatus. One of the central problems with most such schemes is the allocation of the initial allotments among the countries involved. The “license to pollute” tends to be granted to those countries that are already major polluters with the result that the rents associated with a growing scarcity of pollution entitlements fall into the hands of these countries. However, as argued by Grubb (1989), of all the instruments examined, the system of tradable emission permits is the

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Economic Theory and Global Warming
Table of contents

Table of contents

  • Title Page *
  • Contents v
  • List of Tables and Figures vii
  • Preface ix
  • Introduction - Global Warming: Problems and Perspectives 1
  • 1 - Global Warming and Carbon Taxes 22
  • 2 - Pareto Optimality and Social Optimum 60
  • 3 - Global Warming and Tradable Emission Permits 92
  • 4 - Dynamic Analysis of Global Warming 115
  • 5 - Dynamic Optimality and Sustainability 138
  • 6 - Global Warming and Forests 169
  • 7 - Global Warming as a Cooperative Game 193
  • Summary and Concluding Notes 241
  • References 261
  • Index 275
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