One examines strategies of pollution control through choices between taxes and tradable permits, supposed to be decided at several time periods t1, t2,..., ti. At each of these time periods, the choice depends on the solution of a dynamic programming problem involving the expectations of the...

In a dynamic general equilibrium setup, this paper highlights the role of vintages and creative destruction in business fluctuations. By stressing the forward-looking characteristic of the optimal scrapping rule, we use a standard rational expectations argument to show the constancy of the...

Under the Kyoto Protocol, industrialized countries committed to emission reductions may fullfil part of their obligations by implementing emission reduction projects in developing countries. In doing so, they make use of the so-called Clean DevelopmentMechanism (CDM). Two important issues...

Human induced climate change is a global concern but climate impacts and possibilities for greenhouse gases (GHG) emissions reductions exhibit strong regional contracts. This paper presents a modified version of the economic-climatic RICE model that computes regional temperature changes and...

The Kyoto Protocol has introduced the so-called Clean Development Mechanism (CDM) under which industrialized countries are allowed to fulfill part of their obligations through the use of emission credits generated by emission reduction projects undertaken in developing countries. Developing...