Increased environmental pollution and the globalization of economies have initiated an academic debate on the relationship between international trade and the environment. Addresses the question of whether the present GATT/WTO regime conflicts with effective policies to cope with transboundary...

In this paper, we critically review cost‐benefit analysis, cost‐effectiveness analysis and the guard‐rail approach as decision‐support tools for the choice of climate protection strategies. Our main focus is on the central role of value judgments, which arise from the need to value;...