The international character of today's most pressing environmental
problems has become a key challenge for environmental policy
making. As regulation by a supranational authority is not a
realistic option at present, policymakers have to rely on
decentralized approaches to the management of international
environmental resources.This study combines two core dimensions of
international environmental policy: the traditional search for
cost-effective policy instruments and the creation of incentives
for voluntary cooperation among sovereign nations. The analysis
offers some clear-cut policy recommendations for the design of
environmental treaties and for the further development of existing
international institutions to protect the global environment.
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