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A Generalized Hybrid Approach to Controlling Emissions

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Abstract

This paper examines the optimal instrument choice to control emissions under uncertainty. A hybrid regulation mechanism is developed that contains cap-and-trade, emissions taxes and socalled safety valves as special cases. This makes it possible to examine optimal policy choice and the resulting efficiency losses for each instrument. It is shown that the hybrid regulation mechanism in efficiency terms is weakly superior to the other instruments. The model is also used to study optimal response to non-optimal policy implementations.

Suggested Citation

  • Mandell, Svante, 2004. "A Generalized Hybrid Approach to Controlling Emissions," Research Papers in Economics 2004:17, Stockholm University, Department of Economics.
    • Handle: RePEc:hhs:sunrpe:2004_0017
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    File URL: http://www2.ne.su.se/paper/wp04_17.pdf
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    Cited by:

    1. Söderholm, Patrik, 2008. "The political economy of international green certificate markets," Energy Policy, Elsevier, vol. 36(6), pages 2051-2062, June.

    More about this item

    Keywords

    Emissions tax; Emissions trading; Safety valve; Ranking; Uncertainty;
    All these keywords.

    JEL classification:

    • H23 - Public Economics - - Taxation, Subsidies, and Revenue - - - Externalities; Redistributive Effects; Environmental Taxes and Subsidies
    • Q28 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Government Policy
    • Q58 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Government Policy

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