Dynamic Standard Setting for Carbon Dioxide
Under the assumption that a continuous increase in atmospheric carbon dioxide beyond a critical value, caused by the combustion of fossil fuel, will lead to irreversible and large changes of the climate of the earth, the problem of limiting CO2 emission becomes an urgent concern. The subject of how to determine and adapt an emission standard for carbon dioxide is treated as a three-person infinite stage game, the players of which are the decision units of regulators, producers, and population. After the description of the model solutions are derived for several solution concepts and discussed. In special cases the solutions differ substanially from each other.
KeywordsCarbon Dioxide Equilibrium Point Subjective Probability Solution Concept Component State
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