A Dynamic Analysis of the Marketable Permits Approach to Global Warming Policy: A Comparison of Spatial and Temporal Flexibility
作者： Brandt Stevens , Adam Rose
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摘要: Abstract This paper presents a generalized dynamic model of greenhouse gas emissions trading under constraints on the volume transactions. An empirical version is used to evaluate potentially cost-saving flexibility mechanisms (joint implementation and clean development mechanism) cost-adding restrictions (supplementarity) Kyoto Protocol. The results indicate greatest gains would stem from extending permit spatially among industrialized nations, although sizable also emanate inclusion developing countries. Gains intertemporal (banking borrowing) are meager. Restrictions purchases have by far most costly effect when countries incorporated into trading. Sensitivity tests with respect differential discount rates across technological change robust.
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