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unique. If only the contribution levels are contractible, then investments are suboptimally small if the contract is short … term or close to its expiration date. To encourage investments, the optimal contract is more ambitious if it is short term … possible, such an incomplete contract implements the first-best. The framework helps to analyse emissions, investments, and …
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The adoption of the Kyoto Protocol in December 1997 was a major achievement in the endeavour to tackle the problem of global climate change at the dawn of the 21st century. After many years of involvement in the negotiation process, the book's two internationally recognised authors now offer the...
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Die Klimagipfel scheinen unter einem denkbar schlechten Stern zu stehen. Nachdem sich kürzlich die USA mit ihrem neuen Präsidenten überraschend von den getroffenen Vereinbarungen (Kyoto) verabschiedet haben, ist ungewiss, wie es im Juni 2001 in Bonn international weitergehen soll. Die...
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Global public good provision (e.g. environmental quality) confronts us with problems demanding both national and international co-operation. However among sovereign nations reaching agreement on mutual public good provision is difficult. Slowing down global warming is just one example. Due to...
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