Market mechanisms for regulation: Cap-and-trade and Obamacare

Jeffrey Frankel 27 February 2014

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Markets can fail. But market mechanisms are often the best way for governments to address such failures. This has been demonstrated in areas from air pollution, to traffic congestion, to spectrum allocation, to cigarette consumption.

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Topics:  Environment Politics and economics

Tags:  environment, global warming, pollution, regulation, healthcare, Cap-and-trade, market-based mechanisms, Obamacare, EU ETS

The sordid history of Congressional acceptance and rejection of cap-and-trade: Implications for climate policy

Richard Schmalensee, Robert N. Stavins 07 March 2013

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In both his second inaugural and his fifth state of the union addresses this year, President Obama renewed his commitment to address the risk of global climate change, due to increased concentrations of greenhouse gases in the atmosphere, largely (but not exclusively) a consequence of carbon dioxide (CO2) emissions linked with burning fossil fuels to generate energy.

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Topics:  Energy Environment

Tags:  US, climate change, Cap-and-trade

Still time to reclaim the European Union’s Emissions Trading System for the taxpayer

Ralf Martin, Mirabelle Muûls, Ulrich Wagner 24 May 2010

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The European Commission is currently finalising the design of the third trading phase of the European Union Emissions Trading System (EU ETS), which will begin in January 2013 and last until 2020.The Commission’s stated objective is to increase the share of emission permits that are auctioned rather than allocated for free to “vulnerable” industries.

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Topics:  Environment

Tags:  European Commission, Cap-and-trade, EU Emissions Trading System

Water licences valued at A$2.8 billion traded in Australia’s emerging water markets

Bob O’Brien 25 April 2010

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The basic economic problem – scarce resources squared up against insatiable demand – has long been recognised as relevant to environmental issues (Pigou 1920). Many studies have focused on the scarcity of natural resources – particularly fossil fuels – but what about water, one of the most vital fuels for human life? In many areas of the world this resource is desperately scarce, and if some climate-change forecasts are to be believed, the situation will only get worse.

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Topics:  Environment Frontiers of economic research

Tags:  Australia, Cap-and-trade, Water trading

Why cap-and-trade should (and does) have appeal to politicians

Robert N. Stavins, Robert W Hahn 13 April 2010

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Economists have long recognised that both price and quantity mechanisms, such as emissions taxes and cap-and-trades systems, can be cost-effective ways of improving environmental quality (Pigou 1920 and Dales 1968). The politics of the two approaches is a different matter.

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Topics:  Environment Politics and economics

Tags:  climate change, Cap-and-trade, independence property

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