Designing Climate Mitigation Policy

Joseph E. Aldy, Alan J. Krupnick, Richard G. Newell, Ian W.H. Parry, William A. Pizer

NBER Working Paper No. 15022
Issued in June 2009
NBER Program(s):Environment and Energy Economics

This paper provides an exhaustive review of critical issues in the design of climate mitigation policy by pulling together key findings and controversies from diverse literatures on mitigation costs, damage valuation, policy instrument choice, technological innovation, and international climate policy. We begin with the broadest issue of how high assessments suggest the near and medium term price on greenhouse gases would need to be, both under cost-effective stabilization of global climate and under net benefit maximization or Pigouvian emissions pricing. The remainder of the paper focuses on the appropriate scope of regulation, issues in policy instrument choice, complementary technology policy, and international policy architectures.

Acknowledgments

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Document Object Identifier (DOI): 10.3386/w15022

Published: Joseph E. Aldy & Alan J. Krupnick & Richard G. Newell & Ian W. H. Parry & William A. Pizer, 2010. "Designing Climate Mitigation Policy," Journal of Economic Literature, American Economic Association, vol. 48(4), pages 903-34, December. citation courtesy of

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