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and changes in ecological systems. They can also differ in their effects on the distribution of consequences over time and geography.

The purpose of this appendix is to indicate the role of the time dimension in formulating a global climate change mitigation strategy. It illustrates ways in which different instruments may lead to outcomes that diverge from those expected when only tons reduced and costs are considered. Application of the relationships discussed here requires an understanding of the physical relationships among flows, stock, and global climate change that lies beyond current knowledge. It also requires complex judgments about the trade-offs among sometimes competing policy goals. In illuminating what information is needed to formulate an efficient and effective policy, it suggests potentially fruitful areas for further research. Even before that research is done, however, policymakers can use some of these insights to select the mix of instruments that appears to have the greatest prospect for improving total welfare.



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