Polley making involves dynamics, uncertainty, and strategy, which (although they overlap) can be regarded as separate aspects of the decision maker's problem. Analyzing equilibrium pohc1es (when all considerations are present) and determining how the equilibrium is altered (when one or more...

A two‐sector overlapping generations model illuminates the intergenerational effects of a tax that protects an environmental stock. A traded asset capitalizes the economic returns to future tax‐induced environmental improvements, benefiting the current asset owners, the old generation....

This authoritative Handbook provides a thorough account and analysis of the important issues relating to the globalization of the international economy.

We imbed a classic fishery model, where the optimal policy follows a Most Rapid Approach Path to a steady state, into an overlapping generations setting. The current generation discounts future generations׳ utility flows at a rate possibly different from the pure rate of time preference used to...

Spatial perspective implies a hyperbolic spatial discount rate. To the extent that discounting with respect to space and to time are analogous, this result provides further evidence that hyperbolic discounting is a good description of how we view the world.

Reflecting the emphasis of recent work in the field of trade and the environment, this review focuses on empirical issues, primarily econometric estimates of the pollution haven effect and simulation-based calculations of carbon leakage. A brief discussion of the theory explains why intuition...

This paper studies a dynamic game where each of two large blocs, of fossil fuel importers and exporters respectively, sets either taxes or quotas to exercise power in fossil-fuel markets. The main novel feature is the inclusion of a"fringe"of non- strategic (emerging and developing) countries...

This paper studies the reality and the potential for green industrial policy. It provides a summary of the green industrial policies, broadly understood, for five countries. It then considers the relation between green industrial policies and trade disputes, emphasizing the Brazil-United States...

A small but growing body of literature uses overlapping generations (OLG) models to study environmental policy for long-lived problems such as climate change. An OLG model, unlike the infinitely lived representative agent model, distinguishes between impatience with respect to one¡¯s own...