This paper addresses the choice of regulatory instrument for international control of global climate change. First, it examines the efficiency attributes of options including harmonized policy measures, international emissions taxes, and quantitative emissions reductions with internationally...

A central issue in environmental law is the choice among regulatory instruments. From Pigou to Coase to the present, scholars have debated the relative merits of liability rules, property rules, technology standards, taxes, subsidies, and tradeable allowances. An emerging scholarly consensus in...