Improving on Kyoto: Greenhouse Gas Control as the Purchase of a Global Public Good

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Abstract
This chapter discusses the global public good purchase (GPGP), an alternative approach for the controlling of greenhouse gas emissions. It begins with reminders of some lessons of basic economics, focusing on property rights to solve problems of coordination. It then describes the elements and issues raised by the properties of the GPGP system. The differences between the GPGP system and the Kyoto Protocol regime is also discussed. Finally, the chapter analyzes the distributional characteristics of alternative climate regimes.

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