Global environmental markets: Equity and efficiency
Abstract
Global markets trading rights to emit greenhouse gases are now actively considered by the United Nations. This leads to a new phenomenon: environmental markets in a global scale. Is this new, or are these markets simply a global manifestation of a trend towards market solutions? This paper will show that there is a fundamental difference between global environmental markets and standard stock exchanges. Because the atmosphere of the planet is one and the same for all, these markets trade {open_quotes}public goods{close_quotes} which are, however, privately produced. These are different from all the goods that are traded in markets today. Efficiency in these markets dictates different rules, involving a more equitable allocation of property rights on environmental use, and this requires new institutional arrangements. There is a need for a new institution, an International Bank for Environmental Settlements (IBES), which can lead to organized trading and ensures market integrity and efficiency.
- Authors:
- Publication Date:
- OSTI Identifier:
- 577303
- Report Number(s):
- CONF-970522-
TRN: 98:000898-0073
- Resource Type:
- Conference
- Resource Relation:
- Conference: 8. global warming international conference and expo, New York, NY (United States), 25-28 May 1997; Other Information: PBD: 1997; Related Information: Is Part Of 8th Global warming international conference and exposition; PB: 156 p.
- Country of Publication:
- United States
- Language:
- English
- Subject:
- 54 ENVIRONMENTAL SCIENCES; GREENHOUSE GASES; CLIMATIC CHANGE; AIR POLLUTION CONTROL; EFFICIENCY; MARKET; TRADE; ENERGY CONSUMPTION; INDUSTRY
Citation Formats
Chichilnisky, G. Global environmental markets: Equity and efficiency. United States: N. p., 1997.
Web.
Chichilnisky, G. Global environmental markets: Equity and efficiency. United States.
Chichilnisky, G. 1997.
"Global environmental markets: Equity and efficiency". United States.
@article{osti_577303,
title = {Global environmental markets: Equity and efficiency},
author = {Chichilnisky, G},
abstractNote = {Global markets trading rights to emit greenhouse gases are now actively considered by the United Nations. This leads to a new phenomenon: environmental markets in a global scale. Is this new, or are these markets simply a global manifestation of a trend towards market solutions? This paper will show that there is a fundamental difference between global environmental markets and standard stock exchanges. Because the atmosphere of the planet is one and the same for all, these markets trade {open_quotes}public goods{close_quotes} which are, however, privately produced. These are different from all the goods that are traded in markets today. Efficiency in these markets dictates different rules, involving a more equitable allocation of property rights on environmental use, and this requires new institutional arrangements. There is a need for a new institution, an International Bank for Environmental Settlements (IBES), which can lead to organized trading and ensures market integrity and efficiency.},
doi = {},
url = {https://www.osti.gov/biblio/577303},
journal = {},
number = ,
volume = ,
place = {United States},
year = {Wed Dec 31 00:00:00 EST 1997},
month = {Wed Dec 31 00:00:00 EST 1997}
}