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We study self-enforcing international environmental agreements (IEAs) in a model with symmetric countries, international trade, and emission tax policy and find that the first-best global IEA may be self-enforcing. This is in sharp contrast to the known case of cap-and-trade policy in which self-enforcing IEAs have fewer signatories and fail to achieve significant improvements in welfare and da…
- Tahun Terbit
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The comments by Dale Squires and co-authors are interesting and appreciated for at least two reasons. First, researchers with an applied and hands-on background make an effort to work through a game-theoretic model and evaluate it. Second, they provide detailed comments about the realism of the model and suggest possible ways to improve it. We thank the authors for going through all the pain of…
- Tahun Terbit
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