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Global warming is widely considered to be one of the most serious
environmental problems for current and future generations.
Moreover, the apparent failure of the Kyoto Protocol to effect a
meaningful reduction in greenhouse gas emissions has increased the
importance of economic research into new ways to control global
warming. In this exhaustive study, the authors break new ground by
integrating cutting edge insights on global warming from three
different perspectives: game theory, cost-effectiveness analysis
and public choice. For each perspective the authors provide an
overview of important results, discuss the theoretical consistency
of the models and assumptions, highlight the practical problems
which are not yet captured by theory and explore the different
applications to the various problems encountered in global warming.
They demonstrate how each perspective has its own merits and
weaknesses, and advocate an integrated approach as the best way
forward. They also propose a research agenda for the future which
encompasses the three methods to create a powerful tool for the
analysis and resolution of global pollution problems. Surveying a
large amount of literature and providing plentiful examples of
potential applications, this extensive book combines three branches
of economic research on global warming into one accessible volume.
It will be widely read by students and scholars in environmental
courses, environmental and resource economists, and those working
in governmental and non-governmental organisations concerned with
international environmental problems.
Key environmental issues, such as biodiversity and climate change,
have in recent years become more pressing than ever. Where the
critical papers in the early 1990s explained the difficulties of
cooperation in tackling transboundary environmental problems, later
works have analyzed the various alternatives, and increased our
understanding of various institutional designs and negotiation
protocols' impact on the success of cooperation. This collection
brings together the most important articles on the game theoretic
analysis of international environmental cooperation to both
confront the cooperative and non-cooperative approaches to this,
and demonstrate the diversity of methods used to analyze
international environmental agreements.
Since there is no supranational institution which can enforce
international environmental agreements (IEAs), international
cooperation proves difficult in practice. Global emissions exhibit
negative externalities in countries other than that of their origin
and hence there is a high interdependence between countries, and
strategic considerations play an important role. Game theory
analyses the interaction between agents and formulates hypotheses
about their behavior and the final outcomes in games. Hence,
international environmental problems are particularly suited for
analysis by this method. The book investigates various strategies
to provide countries with an incentive to accede, agree and comply
to an international environmental agreement (IEA). Finus shows that
by integrating real world restrictions into a model, game theory is
a powerful tool for explaining the divergence between 'first-best'
policy recommendations and 'second-best' designs of actual IEAs.
For instance he explains why (inefficient) uniform emission
reduction quotas have played such a prominent role in past IEAs
despite economists' recommendations for the use of (efficient)
market-based instruments as for example emission targets and
permits. Moreover, it is stated, that a single, global IEA on
climate is not necessarily the best strategy and small coalitions
may enjoy a higher stability and may achieve more. This book will
be of great interest to scholars, researchers and lecturers in the
fields of international environmental economics, game theory and
international relations.
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