If the historical average annual real interest rate is m 0, and if the world is stationary, should consumption in the distant future be discounted at the rate of m per year? Suppose the annual real interest rate r(t) reverts to m according to the Ornstein Uhlenbeck (OU) continuous time process...

Although the feasibility of introducing climate policies underpins global efforts to curb climate change, there has been limited analysis estimating the likelihood of introducing specific policies in different country contexts. Drawing on a dataset of climate policies introduced globally over...

The three Kyoto flexible mechanisms emissions trading, the clean development mechanism (CDM), and Joint Implementation (JI) have always been controversial. Proponents saw the mechanisms as clever tools to ensure environmental outcomes were achieved at least cost. Reducing the costs of...