First steps toward a broad climate agreement, such as the Kyoto Protocol, have focused on less than global geographic coverage. We consider instead a policy that is less comprehensive in term of greenhouse gases (GHGs), including only the non-CO2 GHGs, but is geographically comprehensive....

One of the important by-products of the combustion of fossil fuels is carbon dioxide (C02), a nontoxic, colorless gas with a faintly pungent odor and acid taste. Carbon dioxide is not commonly thought of as a pollutant. Rather, COs plays an important role in the determination of the global...

Economic efficiency is a major argument for international emissions trading under the Kyoto Protocol. We show that permit trading can be welfare decreasing for countries, even though private trading parties benefit. The result is a case of "immiserizing" growth in the sense of Bhagwati where the...

In recent years, the greenhouse problem has aroused widespread public concern. Changing Climate, a report by the National Academy of Sciences (NAS) (1983), represents a useful and timely synthesis of current scientific investigations of the impact of greenhouse gases on climate and society. The...