-consistent policy rules that implement the stochastic first best as long as a future market exists. We apply our theory to carbon …

, consumers, and government actors. Here, we estimate the causal effect of one major hybrid climate reform - the United Kingdom …'s 2001 Climate Change Programme (CCP) - on the country's carbon pollution trajectory. Using synthetic control methods, we … pollution, even after making concessions to producers, and in the absence of a legally binding global climate treaty …