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Institutions for definition and renegotiation of property rights in international environmental agreements: ozone depletion and the Montreal Protocol
Abstract
This paper addresses the question of how to implement international environmental agreements. Many international environmental agreements require side payments to induce participation by all the countries relevant to the problem. This paper looks at an international fund and a tradeable permits system as two institutions for effectively transferring resources and supporting overall cooperation. It considers how each can in theory, and does in practice, deal with certain common contracting problems. It draws on microeconomic theory on contracts, and experience with the Multilateral Fund established in the Montreal Protocol which addresses ozone depletion, as well as experiences with domestic tradeable permit markets.
Citation
Kerr, Suzi. 2009. "Institutions for definition and renegotiation of property rights in international environmental agreements: ozone depletion and the Montreal Protocol," Manuscript, University of Maryland.
Motu code: MEL0501
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