Life after Kyoto: Alternative Approaches to Global Warming

34 Pages Posted: 22 Jan 2006 Last revised: 28 Dec 2022

See all articles by William D. Nordhaus

William D. Nordhaus

Yale University - Department of Economics; Cowles Foundation, Yale University; National Bureau of Economic Research (NBER)

Date Written: December 2005

Abstract

This study reviews different approaches to the political and economic control of global public goods like global warming. It compares quantity-oriented control mechanisms like the Kyoto Protocol with price-type control mechanisms such as internationally harmonized carbon taxes. The pros and cons of the two approaches are compared, focusing on such issues as performance under conditions of uncertainty, volatility of the induced carbon prices, the excess burden of taxation and regulation, potential for corruption and accounting finagling, and ease of implementation. It concludes that, although virtually all discussions about economic global public goods have analyzed quantitative approaches, price-type approaches are likely to be more effective and more efficient.

Suggested Citation

Nordhaus, William D., Life after Kyoto: Alternative Approaches to Global Warming (December 2005). NBER Working Paper No. w11889, Available at SSRN: https://ssrn.com/abstract=872724

William D. Nordhaus (Contact Author)

Yale University - Department of Economics ( email )

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Cowles Foundation, Yale University ( email )

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National Bureau of Economic Research (NBER)

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