nep-ene New Economics Papers
on Energy Economics
Issue of 2011‒10‒22
23 papers chosen by
Roger Fouquet
Basque Climate Change Centre, Bilbao, Spain

  1. Congestion Management in European Power Networks: Criteria to Assess the Available Options By Karsten Neuhoff; Benjamin F. Hobbs; David Newbery
  2. Fuel mix characteristics and expected stock returns of European power companies By Malte Sunderkötter
  3. Electricity Prices, River Temperatures and Cooling Water Scarcity. By McDermott, Grant R.; Nilsen, Øivind A.
  4. Balancing and Intraday Market Design: Options for Wind Integration By Frieder Borggrefe; Karsten Neuhoff
  5. Determinants of Trade with Solar Energy Technology Components: Evidence on the Porter Hypothesis? By Felix Groba
  6. The investments in renewable energy sources: do low carbon economies better invest in green technologies? By Scandurra, Giuseppe; Romano, Antonio Angelo
  7. Global food and energy markets: volatility transmission and impulse response effects By Onour, Ibrahim; Sergi, Bruno
  8. Covanta: Energy from Waste By Robert Graham
  9. Regulation, competition and fraud: evidence from retail gas stations in Mexico By Arteaga, Julio Cesar; Flores, Daniel
  10. How Important are Oil and Money Shocks in Explaining Housing Market Fluctuations in an Oil-exporting Country?: Evidence from Iran By Khiabani, Nasser
  11. Évolution des émissions de CO2 liées aux mobilités quotidiennes: une stabilité en trompe l'œil By Louafi Bouzouina; Jean-Pierre Nicolas; Florian Vanco
  12. On the regulation of unobserved emissions By Tsur, Yacov; de Gorter, Harry
  13. Analysis of renewable and nonrenewable energy consumption, real GDP and CO2 emissions: A structural VAR approach in Romania By Shahbaz, Muhammad; Zeshan, Muhammad; Tiwari, Aviral Kumar
  14. Trajectoires carbone en Europe à l'horizon 2050 sous une stabilisation mondiale à 450 ppmv CO2-équivalent : réductions, valeurs carbone et coûts d'abattement optimaux. By Davoust, Romain
  15. Australia's Carbon Tax: A Sheep in Wolf's Clothing? By Spash, Clive L.; Lo, Alex Y.
  16. The Impact of the European Union Emissions Trading Scheme on the Polish Economy:Interviews with Four Companies in Poland By Seiji Ikkatai; Katsuhiko Hori; Ikuma Kurita
  17. Optimal monitoring of credit-based emissions trading under asymmetric information By Ian A. MacKenzie; Markus Ohndorf
  18. Estimates of the Social Cost of Carbon: Background and Results from the RICE-2011 Model By William D. Nordhaus
  19. Climate Models, Interpreting Results, and Impacts By Michael Taylor; Tannecia S. Stephenson
  20. Climate Change Adaptation and Water Resources in the Caribbean Region By John Charlery
  21. What Role for Trade in a Post 2012 Global Climate Policy Regime By John Whalley
  22. Climate and Change By Roger S. Pulwarty
  23. The Design and Implementation of U.S. Climate Policy: An Introduction By Don Fullerton; Catherine Wolfram

  1. By: Karsten Neuhoff; Benjamin F. Hobbs; David Newbery
    Abstract: EU Member States are pursuing large scale investment in renewable generation in order to meet a 2020 target to source 20% of total energy sources by renewables. As the location for this new generation differs from the location of existing generation sources, and is often on the extremities of the electricity network, it will create new flow patterns and transmission needs. While congestion exists between European countries, increasing the penetration of variable sources of energy will change the current cross-border congestion profile. It becomes increasingly important for the power market design to foster the full use of existing transmission capacity and allow for robust operation even in the presence of system congestion. After identifying five criteria that an effective congestion management scheme for European countries will need, this paper critically assess to what extent the various approaches satisfy the requirements.
    Keywords: Power market design, integrating renewables, congestion management
    Date: 2011
  2. By: Malte Sunderkötter (Chair for Management Sciences and Energy Economics, University of Duisburg-Essen)
    Abstract: This article investigates the impact of the fuel mix structure in power generation portfolios on expected stock returns for major European power companies. The 22 biggest publicly listed European power producers are examined between January 2005 and December 2010. Based on the capital asset pricing model (CAPM) and multiâ€factor market models, the systematic risk of the power companies relative to the overall market performance and other typical energy and macroeconomic risk factors is analyzed. The fullâ€information approach is used to determine technologyâ€specific betas and risk factor sensitivities from the sample. Although most companies are not exclusively in the power producing business, it is shown that the generation fuel mix has a significant impact on the historical stock returns of the investigated companies. In particular, the sample companies exhibit significant differences in the systematic risk of gas and nuclear generation technologies compared with renewable technologies measured by technologyâ€specific, delevered beta factors. This study extends existing literature and contributes new insights in two ways: Firstly, this is to our knowledge the first empirical analysis comparing the financial risk of different electricity generation technologies. Secondly, the results provide practical benefit to determine adequate riskadjusted capital costs for typical generation technologies. Therewith, this study is relevant for evaluating all kinds of power plant investments.
    Keywords: power plant investments, asset pricing, fuel mix diversification
    JEL: G11 G12 L94
    Date: 2011–10
  3. By: McDermott, Grant R. (Dept. of Economics, Norwegian School of Economics and Business Administration); Nilsen, Øivind A. (Dept. of Economics, Norwegian School of Economics and Business Administration)
    Abstract: Thermal-based power stations rely on water for cooling purposes. These water sources may be subject to incidents of scarcity, environmental regulations and competing economic concerns. This paper analyses the effect of water scarcity and increased river temperatures on German electricity prices from 2002 to 2009. Having controlled for demand effects, the results indicate that the electricity price is significantly impacted by both a change in river temperatures and the relative abundance of river water. An implication is that future climate change will affect electricity prices not only through changes in demand, but also via increased water temperatures and scarcity.
    Keywords: Thermal-based power; water scarcity.
    JEL: Q25 Q41
    Date: 2011–09–22
  4. By: Frieder Borggrefe; Karsten Neuhoff
    Abstract: EU Member States increase deployment of intermittent renewable energy sources to deliver the 20% renewable target formulated in the European Renewables Directive of 2008. To incorporate these intermittent sources, a power market needs to be flexible enough to accommodate short-term forecasts and quick turn transactions. This flexibility is particularly valuable with respect to wind energy, where wind forecast uncertainty decreases significantly in the final 24 hours before actual generation. Therefore, current designs of intraday and balancing markets need to be altered to make full use of the flexibility of the transmission system and the different generation technologies to effectively respond to increased uncertainty. This paper explores the current power market designs in European countries and North America and assesses these designs against criteria that evaluate whether they are able to adequately handle wind intermittency.
    Keywords: Power market design, integrating renewables, wind energy, balancing, intraday
    Date: 2011
  5. By: Felix Groba
    Abstract: Studies analyzing renewable energy market development usually investigate additional capacity or investment. Characteristics, roles and determinants of cross border trade with renewable energy system components remain blurred. Environmental regulation and renewable energy policies are important in promoting renewable energy use. Yet, the effect of respective policies on determining exports remains ambiguous. The Porter hypothesis and the lead market literature argue that environmental regulation leads to a comparative export advantage. Empirical studies testing both hypotheses reach diverging conclusions and rarely focus on the renewable energy sector. Using solar energy technology components, this study adds to the literature by explaining exports of environmental technologies. The analysis uses a gravity trade model and a unique panel dataset to test the role of renewable energy policies on environmental technology exports from OECD countries and to describe structure and development of international solar energy technology component trade. The results find a rapidly growing market with trade dominated by European countries. The study supports the Porter and the lead market hypotheses as early adopters of strong renewable energy policies have gained a comparative advantage. Analyzing the importer side, the study suggests that regulatory policies and import tariffs determine export flows of solar energy technology components.
    Keywords: Solar Energy Technologies, Energy Policy, Environmental Regulation and Trade, Trade Barriers
    JEL: F14 F18 Q42 Q55 Q56
    Date: 2011
  6. By: Scandurra, Giuseppe; Romano, Antonio Angelo
    Abstract: The aim of this study is to analyse the driving of investment in renewable energy sources in low carbon and high carbon economies. To address these issues, a dynamic panel analysis of the renewable investment in a sample of 29 countries was proposed. Results demonstrate that the dynamic of investments in renewable sources is similar in the two panels, and depends by nuclear power generation, GDP and technological efficiency. Results show that countries try to reduce their environmental footprint, decreasing the CO2 intensity . Based on the estimation results, we think that energy sustainability passes through the use of renewable resources that can complement the nuclear technology on condition that both exceed their limits.
    Keywords: CO2 intensity; Dynamic model; Nuclear Energy
    JEL: C23 O13 Q42
    Date: 2011
  7. By: Onour, Ibrahim; Sergi, Bruno
    Abstract: This paper investigates volatility spillover across crude oil market and wheat and corn markets. The corn commodity is taken here to assess the impact of change in demand for biofuel on wheat market. Results of multivariate GARCH model show evidence of corn price volatility transmission to wheat market . Our results indicate that while shocks (unexpected news) in crude oil market have significant impact on volatility in wheat and corn markets, the effect of crude oil price changes on corn and wheat markets is insignificant. The impulse response analysis indicate shocks in oil markets have permanent effect on food commodity price changes. Also indicated that fertilizers markets influenced by own-shocks and shocks in oil markets.
    Keywords: Volatility; global food; impulse response
    JEL: C53 Q18
    Date: 2011
  8. By: Robert Graham
    Abstract: Presentation delivered during the seminar "PPP Américas 2010: Las Asociaciones Público-Privadas en Brasil y América Latina: Desafíos y Perspectivas", celebrated in Salvador-Bahia, Brazil, May 11-13, 2010. It provides an overview of the Energy - from - Waste project put forward by COVANTA, examining the benefits of engaging in Public Private Partnerships to deal with this innovative source of energy and the eonomic incentives that are created in the process.
    Keywords: Private Sector :: Public Private Partnerships, Energy & Mining
    Date: 2010–05
  9. By: Arteaga, Julio Cesar; Flores, Daniel
    Abstract: Mexican gas stations across the country buy and sell gasoline at regulated common prices. Therefore, authorities that set these prices do not take into account competition conditions of each market. In this paper we establish the effect of a regulated mark-up price as well as competition on the incentives that gas stations in Mexico have to dispense less amount of gasoline than what consumers pay for. The results of theoretical and empirical work indicate that a higher regulated mark-up price reduces the incentives of gas stations to cheat. Similarly, more intense competition among the retailers of a given market decreases the average shortage.
    Keywords: gasoline pricing; regulation; competition; fraud
    JEL: L11 K42
    Date: 2010–10–18
  10. By: Khiabani, Nasser
    Abstract: This paper analyzes the effects of oil price and monetary shocks on the Iranian housing market in a Bayesian SVAR framework. The prior information for the contemporaneous identification of the SVAR model is derived from standard economic theory. To deal with uncertainty in the identification schemes, I calculate posterior model probabilities for the SVAR model identified by a different set of over-identification restrictions. In order to draw accurate inferences regarding the effectiveness of the shocks in an over-identified Bayesian SVAR, a Bayesian Monte Carlo integration method is applied. The findings indicate that oil price shocks explain a substantial portion of housing market fluctuations. Housing prices increase in response to a positive credit shock, but only with a noticeably smaller magnitude when compared with the response to a positive oil price shock.
    Keywords: Housing market fluctuations; Oil price shocks; Credit shocks; Bayesian Structural VAR; Bayesian model averaging (BMA); Bayesian Monte Carlo integration method
    JEL: C32 C53 E32 E52
    Date: 2010–03–06
  11. By: Louafi Bouzouina (LET - Laboratoire d'économie des transports - CNRS : UMR5593 - Université Lumière - Lyon II - Ecole Nationale des Travaux Publics de l'Etat); Jean-Pierre Nicolas (LET - Laboratoire d'économie des transports - CNRS : UMR5593 - Université Lumière - Lyon II - Ecole Nationale des Travaux Publics de l'Etat); Florian Vanco (CERTU - Centre d'études sur les réseaux de transport et l' urbanisme - Ministère des Transports, de l'Équipement, du Tourisme et de la mer)
    Abstract: Dans un contexte de regain des modes alternatifs à la voiture particulière à l'échelle intra-urbaine, comment les émissions de CO2 liées aux déplacements quotidiens évoluent-elles sur la période récente ? Les dernières enquêtes déplacements locales semblent indiquer une stabilisation, voire une baisse de ces émissions dans les grandes villes françaises. Ce résultat peut-il être confirmé par une analyse fine, et quelles dynamiques sont à l'œuvre derrière ? Pour répondre à ces questions, cet article analyse l'évolution des émissions de CO2 associées à la mobilité quotidienne de semaine des résidents de l'agglomération lyonnaise en les estimant sur les deux dernières enquêtes ménages déplacements (1995 et 2006). Au-delà de la stabilité globale des émissions constatée durant ces 11 années, il met en évidence des dynamiques de mobilité (modes de transport, distances parcourues dans la journée) différenciées entre des groupes de populations (distingués selon le statut, la localisation résidentielle, l'accès à l'automobile et le genre des individus). La typologie permet ainsi de cibler les groupes pour lesquels les marges de manœuvre sont importantes, et l'analyse aide à envisager où devraient porter prioritairement les mesures visant à réduire les émissions de CO2 liées aux déplacements quotidiens.
    Keywords: Mobilité quotidienne ; Distance ; Mode de transport ; Émissions de CO2 ; Enquête ménages déplacement ; Agglomération lyonnaise ; Typologie socio-économique
    Date: 2011
  12. By: Tsur, Yacov; de Gorter, Harry
    Abstract: Regulation of nonpoint source pollution often relies in one way or another on policy instruments based on ambient indicators. For wellknown reasons, enforcement of ambient-based policies is, at best, limited. If no individual choices or actions are observed, than ambientbased regulation might be the only feasible approach. Often, some relevant individual indicators, such as output or certain inputs, are observable. For such cases, we offer a regulation mechanism that does away with ambient indicators. The mechanism implements the optimal output-abatement-emission allocation and gives rise to the full information outcome when the social cost of transfers is nil. Special attention is given to the regulation of (unobserved) abatement.
    Keywords: Nonpoint source pollution, abatement, asymmetric information, regulation mechanism, implementation., Environmental Economics and Policy,
    Date: 2011
  13. By: Shahbaz, Muhammad; Zeshan, Muhammad; Tiwari, Aviral Kumar
    Abstract: Impulse responses of our structural VAR portray a positive correlation between the real GDP of Romania and energy consumption. The present study employs the annual data covering the period 1980-2008, and brings to light the factors playing important role in satisfying the energy requirements, its economic and social implications. Any short-run rise in energy requirements is contented with the help of nonrenewable energy consumption, for renewable energy is not so common in Romania. In addition, high installation cost and the ignorance about our environmental responsibilities etc. might be other possible factors for this limited use of renewable energy. It also identifies a strong positive correlation between the nonrenewable energy consumption and the CO2 emissions; resultantly, CO2 piles on in the ecosystem as the nonrenewable energy consumption boosts up. This exaggeration of the CO2 emissions ever time paves some way for the renewable energy which appears to play a minor role at this stage. Impulse responses represent some weak substitution between the nonrenewable energy consumption with the renewable energy consumption, which lowers carbon emissions and communicates some positive message.
    Keywords: renewable and nonrenewable energy consumption; real GDP; CO2 emissions
    JEL: P28
    Date: 2011–10–02
  14. By: Davoust, Romain
    Abstract: Le changement climatique de la planète constitue un problème majeur du 21ième siècle. Une limitation du réchauffement à +2⁰C au dessus des niveaux pré-industriels devrait permettre d'atténuer les dégradations environnementales. En l’état de la science climatique, cet objectif de développement durable requiert une stabilisation des concentrations de Gaz à Effet de Serre (GES) à 450 ppmv CO2-équivalent. Au cours du prochain demi-siècle, la communauté internationale devra réduire ses rejets de GES de manière drastique, d'environ 50% par rapport au niveau de 1990. Dans ce contexte, l'Europe a adopté un objectif officiel de réduction des GES de 20% en 2020 par rapport à 1990, rehaussable à 30% en cas d'accord international équitable. A long terme, l'UE vise un minimum de 80% de réduction en 2050, pourcentage minimal exigé sous la contrainte de 450 ppmv CO2-éq.. Cette thèse modélise l'effort carbone en Europe pour atteindre -80% de GES en 2050. Sur la projection, le modèle OCTET (Optimal Carbon Trajectories for Emission Targets) projette un ensemble de trajectoires CO2 temporellement optimales. Des stratégies de réduction efficaces sont précisées pour les points de passage (2020, 2030, 2040) en fonction de l'incertitude internationale. La thèse calcule également les profils de prix du carbone en Europe pour une contrainte de réduction facteur 5 ainsi que les coûts de réduction. Dans l'ensemble, la thèse s'attache à explorer les implications d'une société européenne faiblement carbonée et à éclairer la politique européenne de réduction à l'horizon 2050.
    Abstract: Global warming will be a major issue in the 21st century. Limiting temperature increase to +2⁰C above pre-industrial levels should help to preserve ecosystems. According to current estimates, this sustainable development objective requires a stabilisation of Greenhouse Gases (GHG) concentrations at 450 ppmv CO2-equivalent. Over the next decade, the world should reduce its GHG emissions by a factor 2 compared to 1990 levels. Europe has committed to reduce its Greenhouse Gases emissions by 20% in 2020 compared to 1990 and by 30% in case of a fair international agreement. In the long term, EU is targeting an abatement of at least 80% by 2050, which is a required level under the 450 ppmv CO2-equivalent constraint. The thesis models carbon effort in Europe to reach -80% GHG by 2050. Over the projection, the OCTET model (Optimal Carbon Trajectories for Emission Targets) projects a set of temporally optimal CO2 pathways. Efficient reduction strategies are built for the next decades (2020, 2030, 2040) depending on international uncertainty. The thesis calculates carbon price profiles in Europe under a factor 5 reduction as well as reduction costs. In a word, this thesis seeks to explore the implications of a low-carbon European society and to advise the European abatement policy over the 2050 horizon.
    Keywords: Réchauffement Climatique; Optimisation Intertemporelle; Modélisation Environnementale; Coût de Réduction; Prix du Carbone; Réduction de CO2; Développement Durable; Intertemporal Optimisation; Environmental Modeling; Reduction Cost; Carbon Price; CO2 Abatement; Europe; Sustainable Development; Global Warming;
    JEL: Q32 Q56 Q54
    Date: 2011–07
  15. By: Spash, Clive L.; Lo, Alex Y.
    Abstract: The Australian Government has produced a CO2-equivalent tax proposal with a difference, it is a short prelude to an emission trading scheme that will allow the increasing rate of emissions to continue, while being a net cost to the Treasury. That cost extends to allowing major emitters to make guaranteed windfall profits from pollution permits. The emission trading scheme suffers numerous problems, but the issues raised show taxes can also be watered down and made ineffectual through concessions. Taxpayers will get no assets from the billions of dollars to be spent buying-off the coal generators or other polluters. The scheme hopes to stimulate private investors to create an additional 12 percent in renewable electricity generation by 2020. A serious emissions reducing alternative would be to create a nationalised electricity sector with 100 percent renewable energy within a decade. We explore the difficulties of implementing meaningful greenhouse gas taxes in Australia.
    Keywords: greenhouse gases; taxation; emission trading; climate change; regulation; renewable energy; Australia
    JEL: D62 Q54 H23 Q58
    Date: 2011–10–03
  16. By: Seiji Ikkatai (Graduate School of Education, Kyoto University); Katsuhiko Hori (Institute of Economic Research, Kyoto University); Ikuma Kurita (Institute of Economic Research, Kyoto University)
    Abstract: This paper reports the results of interviews with four Polish companies. The results of the interviews shows that Polish companies tend to evaluate the effects of the introduction of EU ETS in 2005 positively: it provided an alternative view that they need considering environment in their business, and that they had much useful information for the improvement of energy losses by measuring it to verify the amount of emissions. However, there are also several negative claims to the EU ETS: auction adopted in the EU ETS from 2013 not only requires purchasing allowances, but also increases production cost due to the rise in the electricity price. Moreover, some of them are concerned that the competitiveness of Poland might be weakened, since it deeply depends on coal.
    Date: 2011–10
  17. By: Ian A. MacKenzie (ETH Zurich, Switzerland); Markus Ohndorf (ETH Zurich, Switzerland)
    Abstract: Project-based emissions trading schemes, like the Clean Development Mechanism, are particularly prone to problems of asymmetric information between project parties and the regulator. In this paper, we extend the general framework on incomplete enforcement of policy instruments to reflect the particularities of credit-based mechanisms. The main focus of the analysis is to determine the regulator’s optimal spot-check frequency given plausible assumptions of incomplete enforcement under asymmetric information on reduction costs and heterogeneous verifiability of projects. We find that, depending on the actual abatement cost and penalty schemes, optimal monitoring for credit-based systems is often discontinuous and significantly differs from the one to be applied for cap-and-trade schemes or environmental taxes. We conclude that, in a real-world context, project admission should ultimately be based on the criterion of verifiability.
    Keywords: Environmental regulation, Project-based emissions trading systems, Audits and compliance.
    JEL: K32 D42 D82 Q58
    Date: 2011–10
  18. By: William D. Nordhaus (Cowles Foundation, Yale University)
    Abstract: A new and important concept in global warming economics and policy is the social cost of carbon or SCC. This concept represents the economic cost caused by an additional ton of carbon-dioxide emissions or its equivalent. The present study describes the development of the concept as well as its analytical background. We estimate the SCC using an updated version of the RICE-2011 model. Additional concerns are uncertainty about different aspects of global warming as well as the treatment of different countries or generations. The most important results are: First, the estimated social cost of carbon for the current time (2015) including uncertainty, equity weighting, and risk aversion is $44 per ton of carbon (or $12 per ton CO_{2}) in 2005 US$ and international prices). Second, including uncertainty increases the expected value of the SCC by approximately 8 percent. Third, equity weighting generally tends to reduce the SCC. Finally, the major open issue concerning the SCC continues to be the appropriate discount rate.
    Keywords: Social cost of carbon, Climate change, Carbon price, Equity weights
    JEL: Q54 Q5 H4
    Date: 2011–10
  19. By: Michael Taylor; Tannecia S. Stephenson
    Abstract: This presentation focused on climate modeling and included the methods used and the results that come from climate models. The presentation focused on interpretation of the models rather than the detailed "how to" use of models. The focus was again the Caribbean region.
    Keywords: Environment & Natural Resources :: Climate Change, Environment & Natural Resources :: Water Management
    Date: 2011–03
  20. By: John Charlery
    Abstract: Discussion of climate change impacts in the Caribbean based on model projections including interpretation of the model results for more detailed impacts the Region could expect as the climate continues to change.
    Keywords: Environment & Natural Resources :: Climate Change, Environment & Natural Resources :: Water Management
    Date: 2011–03
  21. By: John Whalley
    Abstract: This paper discusses the role that trade can potentially play in both negotiating and operating a post Kyoto/post 2012 global climate policy regime. As an addition to the bargaining set for a global climate negotiation, trade in principle widens the range of jointly beneficial potential outcomes and can in this sense be a potential facilitator of an agreed global climate regime. The reverse is also true, that in a linked climate-trade-finance global policy coordination structure that goes well beyond what was envisioned at Bretton Woods, climate now added to the global policy bargaining set also offers the prospect of potentially stronger trade disciplines (and even beyond WTO disciplines being negotiated). Trade policy can as well be an instrument for the implementation of a global climate regime, since trade provides a mechanism for achieving an internalization outcome for the global externality that climate change represents, and that provides a potentially more efficient outcome and also helps meet distributional objectives. In short, trade added to the emerging post 2012 climate regime can both expand the bargaining set for both (effectively linked) negotiations, and additionally provide an instrument for the implementation of an agreed outcome.
    JEL: F13 F18 Q54 Q56
    Date: 2011–10
  22. By: Roger S. Pulwarty
    Abstract: A presentation about the basics of climate change - the science, the impacts, and the consequences. The focus is on water and the Caribbean in particular but the information is general. It includes information about climate change mitigation and climate change adaptation.
    Keywords: Environment & Natural Resources :: Climate Change, Environment & Natural Resources :: Water Management
    Date: 2011–03
  23. By: Don Fullerton; Catherine Wolfram
    Abstract: While economic models have already proven useful to analyze big picture questions about climate policy such as the choice between a carbon tax or cap-and-trade permit system, the 19 chapters in this book show how economic models also are useful to address the many remaining smaller questions that arise as policy is implemented. For example, chapters consider: the tradeoffs policymakers confront in deciding whether to implement the policy upstream on energy producers or downstream on energy users; how to monitor and enforce climate policy; how Federal actions might interact with climate policies at other levels of government or with other non-climate policies; the distributional effects of different policy variations; policies that might impact particular sectors, including residential energy use, agriculture and transportation; and specific questions regarding offsets, trade, innovation, and adaptation.
    JEL: H23 Q54 Q58
    Date: 2011–10

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