An equitable,efficient and implementable scheme to control global carbon dioxide emissions |
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Authors: | Arthur J Caplan Emilson C D Silva |
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Institution: | (1) Associate Professor of Economics,Department of Economics, Utah State University, 3530 Old Main Hill, Logan, Utah 84322-3530, USA;(2) Professor of Economics, School of Economics, Georgia Institute of Technology, Atlanta, Georgia 30302-0615, USA |
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Abstract: | We design an international scheme to control global externalities in which autonomous regions choose their own emissions levels
in anticipation of interregional resource transfers implemented by an international agency. This agency follows a proportional
equity principle, which preserves the status-quo ratio of regional welfare levels. We show that it is individually rational
for each region to participate in the proposed international scheme and that regional environmental authorities choose policies
that fully internalize the global externality. Although based on an admittedly ideal scheme, these results are especially
noteworthy in light of the call for various forms of transfers in international agreements such as the Kyoto Protocol.
JEL Code: C72 · D62 · D78 · H41 · H77 · Q28 |
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Keywords: | Proportional equity Efficiency Implementability Global externality Interregional transfers |
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