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.
Market mechanisms for regulation: Cap-and-trade and Obamacare
Jeffrey Frankel, 27 February 2014
The sordid history of Congressional acceptance and rejection of cap-and-trade: Implications for climate policy
Richard Schmalensee, Robert N. Stavins, 7 March 2013
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.
Still time to reclaim the European Union’s Emissions Trading System for the taxpayer
Ralf Martin, Mirabelle Muûls, Ulrich Wagner, 24 May 2010
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.
Water licences valued at A$2.8 billion traded in Australia’s emerging water markets
Bob O’Brien, 25 April 2010
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?
Why cap-and-trade should (and does) have appeal to politicians
Robert N. Stavins, Robert W Hahn, 13 April 2010
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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- 21st Century Challenges: The Mobile Middle Class13 - 13 March 2014 / Royal Geographical Society, 1 Kensington Gore, SW7 London / Royal Geographical Society (with IBG)
- The 13th Annual GEP Postgraduate Conference 20141 - 2 May 2014 / Nottingham / Sponsored by Nottingham Centre for Research on Globalisation and Economic Policy (GEP) University of Nottingham, United Kingdom
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- 13th Summer School in International Development Economics: