FIGURE 1. Top: Estimates of allowance costs of Lieberman-Warner bill from various analyses. Bottom: Screened marginal costs bill, highlighting the importance of modeling assumptions. NOTE: Results controlled for specified constraints on technology, assumptions on offsets, different reference cases, and bill interpretation. SOURCE: EPRI, 2008. Reprinted with permission of EPRI.

FIGURE 1. Top: Estimates of allowance costs of Lieberman-Warner bill from various analyses. Bottom: Screened marginal costs bill, highlighting the importance of modeling assumptions. NOTE: Results controlled for specified constraints on technology, assumptions on offsets, different reference cases, and bill interpretation. SOURCE: EPRI, 2008. Reprinted with permission of EPRI.

on factors like the range of costs per ton of CO2. He noted that making these sorts of comparisons will require more cooperation among agencies and institutions, but that it could be done and would be of great value.

Nat Keohane drew a distinction between analyses of specific bills, and what he called policy experiments whereby modelers manipulate aspects of a proposed bill in an attempt to demonstrate, for example, the effects of introducing higher CAFE standards. These experiments may increase confusion and are also not particularly useful, given that existing and proposed bills cannot be modified so easily.



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