Paper Summary:

This paper describes global warming and its global environmental and economic consequences. The writer explores ways of reducing the effects of global warming, the costs that will be involved, and the kind of evidence offered in support of the various proposed ways to deal with this problem. The potential role of market-based control policies, like tradeable permits, in bringing about reductions to global warming is analyzed, and an attempt is made to determine the appropriate discount rate to use for benefits and costs that extend into the future. This paper contains tables and graphs.

From the Paper:

"One possible method of decreasing the effects of global warming is by applying emission charges. Emission charges are fees levied on the discharge of pollutants into air or water, or onto the soil, or on the generation of noise. These charges are designed to reduce the quantity or improve the quality of pollution by making polluters pay at least a portion of the costs of cleaning up the environment. Economists often favour emission charges over other options because by charging for every unit of pollution released into the environment they induce firms to lower their emissions to the point where the incremental cost of pollution control equals the emission charges they must otherwise pay."

Sample of Sources Used:

• Fankhauser, Samuel (1995) Valuing Climate Change. Earthscan Publications Ltd, London.
• Hanley, N. , Shogren, JF . , White , Ben (1997) . Environmental Economics : In Theory and Practice. Oxford University Press, Oxford and New York.
• Read, Peter (1994). Responding To Global Warming. Zed Books Ltd, London and New Jersey.
• O'connor, Martin and Spash, Clive L. (1999). Valuation and The Environment. Edward Elgar Publishing Limited, Cheltenham,Uk.
• Batemen, I and Willis, K (1999). Valuing Environmental Preferences. Oxford University Press, Oxford.

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