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  1. Article: For International Cap-and-Trade in Carbon Permits, Price Stabilization Introduces Secondary Free-Rider-Type Problems

    Weitzman, Martin L

    Environmental and resource economics. 2019 Oct., v. 74, no. 2

    2019  

    Abstract: In this brief note (Without holding them responsible for errors, omissions, or interpretations, I am grateful for constructive comments on an earlier version of this note by Joseph Aldy, Severin Borenstein, Maureen Cropper, Carolyn Fischer, Meredith ... ...

    Abstract In this brief note (Without holding them responsible for errors, omissions, or interpretations, I am grateful for constructive comments on an earlier version of this note by Joseph Aldy, Severin Borenstein, Maureen Cropper, Carolyn Fischer, Meredith Fowlie, Lawrence Goulder, Geoffrey Heal, N. Gregory Mankiw, Michael Mehling, Gilbert Metcalf, Adele Morris, Ian Parry, William Pizer, Simon Quemin, Andrew Schein, Richard Schmalensee, E. Somanathan, Robert Stavins, David Victor, and Gernot Wagner.), I take the initial allocation of carbon emissions as a prototype international public goods problem. Overcoming the free-rider problem in carbon emissions is central to a successful comprehensive international climate-change agreement. Volunteerism alone may go part way, but is unlikely to fully adequately overcome this free-rider problem. (The numerical values of the pledged “Nationally Determined Contributions” under the Paris Agreement are voluntary, although the Paris Agreement itself may help constructively by laying a legal foundation for participation, reporting, verification, transparency, and trust.)
    Keywords United Nations Framework Convention on Climate Change ; carbon ; climate change ; emissions ; environmental markets ; prototypes ; public services and goods ; volunteerism
    Language English
    Dates of publication 2019-10
    Size p. 939-942.
    Publishing place Springer Netherlands
    Document type Article
    ZDB-ID 1479788-4
    ISSN 1573-1502 ; 0924-6460
    ISSN (online) 1573-1502
    ISSN 0924-6460
    DOI 10.1007/s10640-019-00354-7
    Database NAL-Catalogue (AGRICOLA)

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  2. Article: On the Effects of Linking Cap-and-Trade Systems for [Formula: see text] Emissions

    Holtsmark, Bjart / Weitzman, Martin L

    Environmental and resource economics. 2020 Mar., v. 75, no. 3

    2020  

    Abstract: Linkage of national cap-and-trade systems is typically advocated by economists on a general analogy with the beneficial linkage of free-trade areas and on the specific grounds that linkage will ensure cost effectiveness among the linked jurisdictions. ... ...

    Abstract Linkage of national cap-and-trade systems is typically advocated by economists on a general analogy with the beneficial linkage of free-trade areas and on the specific grounds that linkage will ensure cost effectiveness among the linked jurisdictions. The paper analyses the less obvious effects of linkage with the bottom–up approach of the Paris Agreement where each country sets its nationally determined contribution for its own carbon dioxide ([Formula: see text]) emissions. An appropriate and widely accepted specification for the damages of [Formula: see text] emissions within a relatively short (say 5–10 year) period is that marginal damages for each jurisdiction are constant (although they can differ among jurisdictions). With this defensible assumption, the analysis is significantly clarified and yields simple closed-form expressions for all [Formula: see text] permit prices. Some implications for linked and unlinked voluntary [Formula: see text] cap-and-trade systems are derived and discussed. A numerical example illustrates the results.
    Keywords United Nations Framework Convention on Climate Change ; carbon dioxide ; cost effectiveness ; economists ; emissions ; environmental markets ; free trade ; prices
    Language English
    Dates of publication 2020-03
    Size p. 615-630.
    Publishing place Springer Netherlands
    Document type Article
    ZDB-ID 1479788-4
    ISSN 1573-1502 ; 0924-6460
    ISSN (online) 1573-1502
    ISSN 0924-6460
    DOI 10.1007/s10640-020-00401-8
    Database NAL-Catalogue (AGRICOLA)

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  3. Book: Prices or quantities dominate banking and borrowing

    Weitzman, Martin L

    (Working paper series / National Bureau of Economic Research ; 24218)

    2018  

    Author's details Martin L. Weitzman
    Series title Working paper series / National Bureau of Economic Research ; 24218
    Language English
    Size 26 Seiten
    Publisher National Bureau of Economic Research
    Publishing place Cambridge, MA
    Document type Book
    Note Erscheint auch als Online-Ausgabe
    Database ECONomics Information System

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  4. Article: A tight connection among wealth, income, sustainability and accounting in an ultra-simplified setting

    Weitzman, Martin L

    National wealth : what is missing, why it matters , p. 47-66

    2017  , Page(s) 47–66

    Author's details Martin L. Weitzman
    Language English
    Publisher Oxford University Press
    Publishing place Oxford
    Document type Article
    ISBN 978-0-19-880372-0 ; 0-19-880372-9
    Database ECONomics Information System

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  5. Article: On a world climate assembly and the social cost of carbon

    Weitzman, Martin L

    Economica Vol. 84, No. 336 , p. 559-586

    2017  Volume 84, Issue 336, Page(s) 559–586

    Author's details By Martin L. Weitzman
    Language English
    Publisher Wiley-Blackwell
    Publishing place Oxford
    Document type Article
    ZDB-ID 1800-4 ; 1473760-7
    ISSN 1468-0335 ; 0013-0427
    ISSN (online) 1468-0335
    ISSN 0013-0427
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  6. Book ; Online: On the effects of linking voluntary cap-and-trade systems for CO2 emissions

    Weitzman, Martin L / Holtsmark, Bjart

    (Discussion papers / Statistics Norway, Research Department ; no. 883)

    2018  

    Author's details Martin L. Weitzman and Bjart Holtsmark
    Series title Discussion papers / Statistics Norway, Research Department ; no. 883
    Language English
    Size 1 Online-Ressource (circa 20 Seiten)
    Document type Book ; Online
    Note Zusammenfassung in norwegischer Sprache
    Database ECONomics Information System

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  7. Book: On the effects of linking voluntary cap-and-trade systems for CO2 emissions

    Weitzman, Martin L / Holtsmark, Bjart

    (Working paper series / National Bureau of Economic Research ; 25001)

    2018  

    Author's details Martin L. Weitzman, Bjart Holtsmark
    Series title Working paper series / National Bureau of Economic Research ; 25001
    Language English
    Size 14 Seiten
    Document type Book
    Note Erscheint auch als Online-Ausgabe
    Database ECONomics Information System

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  8. Article: Potentially large equilibrium climate sensitivity tail uncertainty

    Wagner, Gernot / Weitzman, Martin L

    Economics letters. 2018 July, v. 168

    2018  

    Abstract: Equilibrium climate sensitivity (ECS), the link between concentrations of greenhouse gases in the atmosphere and eventual global average temperatures, has been persistently and perhaps deeply uncertain. Its ‘likely’ range has been approximately between 1. ...

    Abstract Equilibrium climate sensitivity (ECS), the link between concentrations of greenhouse gases in the atmosphere and eventual global average temperatures, has been persistently and perhaps deeply uncertain. Its ‘likely’ range has been approximately between 1.5 and 4.5 degrees Centigrade for almost 40 years (Wagner and Weitzman, 2015). Moreover, Roe and Baker (2007), Weitzman (2009), and others have argued that its right-hand tail may be long, ‘fat’ even. Enter Cox et al. (2018), who use an ‘emergent constraint’ approach to characterize the probability distribution of ECS as having a central or best estimate of 2.8 °C with a 66% confidence interval of 2.2–3.4 °C. This implies, by their calculations, that the probability of ECS exceeding 4.5 °C is less than 1%. They characterize such kind of result as “renewing hope that we may yet be able to avoid global warming exceeding 2[°C]”. We share the desire for less uncertainty around ECS (Weitzman, 2011; Wagner and Weitzman, 2015). However, we are afraid that the upper-tail emergent constraint on ECS is largely a function of the assumed normal error terms in the regression analysis. We do not attempt to evaluate Cox et al. (2018)’s physical modeling (aside from the normality assumption), leaving that task to physical scientists. We take Cox et al. (2018)’s 66% confidence interval as given and explore the implications of applying alternative probability distributions. We find, for example, that moving from a normal to a log-normal distribution, while giving identical probabilities for being in the 2.2–3.4 °C range, increases the probability of exceeding 4.5 °C by over five times. Using instead a fat-tailed Pareto distribution, an admittedly extreme case, increases the probability by over forty times.
    Keywords climate ; confidence interval ; economics ; global warming ; greenhouse gases ; lognormal distribution ; regression analysis ; temperature ; uncertainty
    Language English
    Dates of publication 2018-07
    Size p. 144-146.
    Publishing place Elsevier B.V.
    Document type Article
    ISSN 0165-1765
    DOI 10.1016/j.econlet.2018.04.036
    Database NAL-Catalogue (AGRICOLA)

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  9. Book: How a minimum carbon price commitment might help to internalize the global warming externality

    Weitzman, Martin L

    (Working paper series / National Bureau of Economic Research ; 22197)

    2016  

    Author's details Martin L. Weitzman
    Series title Working paper series / National Bureau of Economic Research ; 22197
    Language English
    Size 21 Seiten
    Publisher National Bureau of Economic Research
    Publishing place Cambridge, MA
    Document type Book
    Note Erscheint auch als Online-Ausgabe
    Database ECONomics Information System

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  10. Book: Some theoretical connections among wealth, income, sustainability, and accounting

    Weitzman, Martin L

    (Working paper series / National Bureau of Economic Research ; 22060)

    2016  

    Author's details Martin L. Weitzman
    Series title Working paper series / National Bureau of Economic Research ; 22060
    Keywords Wohlfahrtsökonomik ; Einkommen ; Nachhaltige Entwicklung ; Volkswirtschaftliche Gesamtrechnung ; Theorie
    Language English
    Size 20 Seiten
    Publisher National Bureau of Economic Research
    Publishing place Cambridge, MA
    Document type Book
    Note Erscheint auch als Online-Ausgabe
    Database ECONomics Information System

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