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| Stavins, Robert N.. |
| The Kyoto Protocol (1997) to the United Nations Framework Convention on Climate Change (1992) may come into force without U.S. participation, but its effects on climate change will be trivial. At the same time, the economic and scientific consensus points to the need for a credible international approach. A reasonable starting point is the Framework Convention on Climate Change (FCCC), which was signed by 161 nations and ratified by 50, including the United States, and entered into force in 1994. In this paper, I remain agnostic on the question of the Kyoto Protocol's viability. Some analysts see the agreement as deeply flawed, while others see it as an acceptable or even excellent first step. But virtually everyone agrees that the Protocol is not... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Global climate change; Global warming; Policy architecture; Kyoto Protocol; Environmental Economics and Policy; Q54; Q58; Q48; Q39. |
| Ano: 2004 |
URL: http://purl.umn.edu/10720 |
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| Karp, Larry S.. |
| If a durable good monopolist produces at constant marginal costs and the good depreciates, there exists a family of Strong Markov Perfect Equilibrium (SMPE) with an infinitesimal period of commitment. One member of this family entails instantaneous production of the level of stock produced in a competitive equilibrium; this is consistent with the Coase Conjecture. Other SMPE in the family entail steady state production at a stock level lower than in the competitive equilibrium. In these equilibria, there may be a jump to the steady state, or the steady state may be approached asymptotically. Monopoly profits are positive in these equilibria, and the Coase Conjecture fails. We contrast this result to other papers which use non-Markov strategies to construct... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Coase Conjecture; Depreciation; Multiple Markov Equilibria; Industrial Organization; Research Methods/ Statistical Methods; D42; L12; Q39. |
| Ano: 1995 |
URL: http://purl.umn.edu/6115 |
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