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Represents the first systematic and in-depth study of the economic issues raised by this growing use of environmental markets, and by focusing on the relationship between equity and efficiency it explores the underlying economics and the possibilities for win-win solutions that benefit all parties affected by environmental problems.
Appendix: The Kyoto Protocol to the United Nations Framework Convention on Climate ChangeFourteen: A Commentary on the Kyoto Protocol, by Raul Estrada OyuelaThirteen: Knowledge and the Environment: Markets with Privately Produced Public Goods, by ChichilniskyTwelve: The Clean Development Mechanism: Unwrapping the "Kyoto Surprise", by Jacob WerksmanEleven: Equity and Efficiency in Emission Markets: The Case for an International Bank for Environmental Settlements, by ChichilniskyTen: Securitizing the Biosphere, by Chichilnisky and HealNine: Efficiency and Distribution in Computable Models of Carbon Emission Abatement, by Joaquin Oliveira and Peter StrumEight: Differentiated or Uniform International Carbon Taxes: Theoretical Evidence and Procedural Constraints, by Jean-Charles Hourcade and Laurent GilloteSeven: Who Should Abate Carbon Emissions? An International Viewpoint, by Chichilnisky and HealSix: Efficiency Properties of a Constant-Ration Mechanism for the Distribution of Tradeable Emission Permits, by A. PrattFive: Equilibrium and Efficiency; International Emission Permits Markets, by Heal and Yun LinFour: Emission Constraints, Emission Permits & Marginal Abatement Costs, by HealThree: Equity and Efficiency in Environmental Markets: Global Trade in CO2 Emissions, by Chichilnisky, Heal, and D. StarrettTwo: Markets for Tradeable CO2 Emission Quotas: Principles and Practice, by Graciela Chichilnisky & Geoffrey HealOne: Introduction, by Graciela Chichilnisky & Geoffrey Heal
Graciela Chichilnisky holds the UNESCO Chair in Mathematics and Economics and is professor of statistics at Columbia University, where she is the director of the Program on Information and Resources and its Center for Risk Management. She introduced and developed the concept of "basic needs" and is the author of eleven books and some 180 scientific articles.Geoffrey Heal is Garrett Professor of Public Policy and Business Responsibility and professor of economics and finance of the Graduate School of Business at Columbia University. A past president of the Association of Environmental and Resource Economists, he is the author of many scientific articles and thirteen books, including Economic Theory and Exhaustible Resources; Valuing the Future: Economic Theory and Sustainability; and Nature and the Marketplace.
The novelty of "Environmental Markets" is that it addresses the sensitive question of the use of market forces to manage a public good such as climate on the basis of a very clear and deep use of the analytical tools of public economics.
