In one of the best commencement speeches ever, the Australian composer, lyricist, and comedian, Tim Minchin told students at University of Western Australia, “We must think critically and not just … Continue Reading Making Policy in an Uncertain World
There are two fundamental, and fundamentally different, barriers to pricing greenhouse gases. The one economists tend to focus on is the economy-wide cost of reducing emissions: substituting to lower-carbon and … Continue Reading Creative Pie Slicing To Address Climate Policy Opposition
Capping greenhouse gas (GHG) emissions at individual facilities is a bad idea whose time, unfortunately, may have come in California. Unlike a statewide cap or tax on emitting GHGs, facility-specific … Continue Reading One Stone, No Birds
If you work in electricity markets and someone mentions “missing money,” it doesn’t make you think of a lost wallet or a sticky-fingered bank teller. Instead it evokes regulatory policies … Continue Reading Missing Money
When you listen closely to debates over California climate change policy, it becomes clear that the disagreements are along two dimensions: what is the best approach to meeting the state’s … Continue Reading What Do We Want From California Climate Policy?
Since discussions of California’s cap and trade program for greenhouse gases (GHGs) began more than a decade ago, many environmental justice (EJ) leaders have voiced concerns about the fairness of … Continue Reading Fight Both Local and Global Pollution, But Separately
For decades economists have bemoaned the fact that retail electricity prices don’t adjust to reflect the volatile cost of providing energy. Because electricity is not storable, the wholesale cost can … Continue Reading Electricity Rate Design for the Real World