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dc.contributorJacoby, Henry D.en_US
dc.contributorEllerman, A. Denny.en_US
dc.date.accessioned2003-10-24T14:55:49Z
dc.date.available2003-10-24T14:55:49Z
dc.date.issued2002-02en_US
dc.identifier.otherno. 83en_US
dc.identifier.urihttp://mit.edu/globalchange/www/abstracts.html#a83en_US
dc.identifier.urihttp://hdl.handle.net/1721.1/3561
dc.descriptionAbstract in HTML and technical report in PDF available on the Massachusetts Institute of Technology Joint Program on the Science and Policy of Global Change Website. (http://mit.edu/globalchange/www/)en_US
dc.descriptionIncludes bibliographical references (p. 11).en_US
dc.description.abstractIn discussions of a cap-and-trade system for implementation of Kyoto Protocol-type quantity targets, a "safety valve" was proposed where, by government sales of emissions permits at a fixed price, the marginal cost of the effort could be limited to a predetermined level. The advantages seen for such a hybrid system included the shifting of the Kyoto architecture toward a price-based system, and the blunting of opposition to the Protocol on the basis of anticipated high cost. This paper reviews the theoretical underpinnings of the preference for a price instrument for controlling stock pollutants like greenhouse gases, and summarizes the arguments supporting and opposing the safety valve idea within the policy debate. If, in the face of uncertainty, emissions are to be limited to a fixed quantity target, then some means needs to be provided to avoid complete inflexibility. A safety valve can serve this function, although similar advantages can be achieved by the phasing in of quantity targets, coupled with provision for banking and borrowing.en_US
dc.format.extent11 p.en_US
dc.format.extent267505 bytes
dc.format.mimetypeapplication/pdf
dc.language.isoengen_US
dc.publisherMIT Joint Program on the Science and Policy of Global Changeen_US
dc.relation.ispartofseriesReport no. 83en_US
dc.rights.urihttp://mit.edu/globalchange/www/abstracts.html#a83en_US
dc.subject.lccQC981.8.C5.M58 no.83en_US
dc.titleThe safety valve and climate policyen_US


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