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The climate policy debate has been dominated by economic estimates of the costs of policies to reduce greenhouse gas emissions. Yet the models used to derive those estimates are based on assumptions that have largely gone untested. The conventional approach embodies structural features that rule out alternative market outcomes. In addition, the distribution of "climate rights" is crucial to determining the economic affects of various policies. Bringing these considerations to the forefront shows how domestic and international policy solutions might be found.
An Overview of the Issues
• The Representation of Consumers' Preferences and Market Demand
• The Treatment of Time
• The Representation of Production
• The Forecasting Performance of Energy-Economic Models
• Principles for the Future