Since the publication of the Stern Review, economists have started to ask more normative questions about climate change. Should we act now or tomorrow ? What is the best theoretical carbon price to reach long-term abatement targets? How do we discount the long-term costs and benefits of climate...

Taking account of sinks credits as agreed in Bonn and Marrakech, this paper illustrates how market power could be exerted in the absence of the US ratification under Annex 1 emissions trading and explores the potential implications of the non-competitive supply behavior for the international...