NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Life After Kyoto: Alternative Approaches to Global Warming

William Nordhaus

NBER Working Paper No. 11889
Issued in December 2005
NBER Program(s):   EFG   PR   PE   EEE

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.

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Document Object Identifier (DOI): 10.3386/w11889

Published: Nordhaus, William D. "After Kyoto: Alternative Mechanisms To Control Global Warming," American Economic Review, 2005, v96(2), 31-34.

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