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Balancing cost and emissions certainty : an allowance reserve for cap-and-trade

Author: Brian C Murray; Richard G Newell; William A Pizer; National Bureau of Economic Research.
Publisher: Cambridge, MA : National Bureau of Economic Research, ©2008.
Series: Working paper series (National Bureau of Economic Research), working paper no. 14258.
Edition/Format:   Print book : EnglishView all editions and formats
Summary:
On efficiency grounds, the economics community has to date tended to emphasize price-based policies to address climate change -- such as taxes or a "safety-valve" price ceiling for cap-and-trade -- while environmental advocates have sought a more clear quantitative limit on emissions. This paper presents a simple modification to the idea of a safety valve: a quantitative limit that we call the allowance reserve.  Read more...
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Additional Physical Format: Online version:
Murray, Brian C.
Balancing cost and emissions certainty.
Cambridge, MA : National Bureau of Economic Research, ©2008
(OCoLC)762406149
Document Type: Book
All Authors / Contributors: Brian C Murray; Richard G Newell; William A Pizer; National Bureau of Economic Research.
OCLC Number: 281582916
Notes: "August 2008."
Description: 28 pages : illustrations ; 22 cm.
Series Title: Working paper series (National Bureau of Economic Research), working paper no. 14258.
Responsibility: Brian C. Murray, Richard G. Newell, William A. Pizer.

Abstract:

On efficiency grounds, the economics community has to date tended to emphasize price-based policies to address climate change -- such as taxes or a "safety-valve" price ceiling for cap-and-trade -- while environmental advocates have sought a more clear quantitative limit on emissions. This paper presents a simple modification to the idea of a safety valve: a quantitative limit that we call the allowance reserve. Importantly, this idea may bridge the gap between competing interests and potentially improve efficiency relative to tax or other price-based policies. The last point highlights the deficiencies in several previous studies of price and quantity controls for climate change that do not adequately capture the dynamic opportunities within a cap-and-trade system for allowance banking, borrowing, and intertemporal arbitrage in response to unfolding information.

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