Cameron Hepburn

Professorial Research Fellow

Cameron works for the Grantham Research Institute on Climate Change and the Environment on the projects ‘Climate science and decision making’ and ‘Mitigation of climate change: carbon markets and technology’.

Background

Cameron has a DPhil in Economics from Oxford, along with an MPhil in Economics from Oxford, an L.L.B (Hons) and a B.Eng (Hons) from Melbourne University, Australia.

Research interests

  • Environmental economics;
  • Climate change economics;
  • Environmental policy;
  • Carbon markets and emissions trading;
  • Sustainability;
  • Behavioural economics.

2013

Examining graphs with other people on background
Research article  21 November, 2013

Benefit–cost analysis of non-marginal climate and energy projects

Conventional benefit–cost analysis incorporates the normally reasonable assumption that the policy or project under examination is marginal. Among the assumptions this entails is that the policy or project is … read more »

Research article  21 May, 2013

Analysis and control design of sustainable policies for greenhouse gas emissions

Reducing greenhouse gas emissions is now an urgent priority. Systems control theory, and in particular feedback control, can be helpful in designing policies that achieve sustainable levels of emissions … read more »

Research article  21 March, 2013

Economic instruments for climate change

Reference Meckling, J., and Hepburn, C. 2013. Economic instruments for climate change. In: The Handbook of Global Climate and Environment Policy (Falkner, R. [ed.]). Wiley-Blackwell.

Research article  21 February, 2013

Tackling unsustainable wildlife trade

This chapter describes and illustrates the issues surrounding wildlife trade policies. Wildlife trades are complex and heterogeneous, requiring different management approaches although the issues discussed may be common. It … read more »

Research article  21 February, 2013

Emissions trading with profit-neutral permit allocations

This paper examines the impact of an emissions trading scheme (ETS) on equilibrium emissions, output, price, market concentration, and profits in a generalized Cournot model. We develop formulae for … read more »

Research article  24 January, 2013

Intermediate inputs and economic productivity

Many models of economic growth exclude materials, energy and other intermediate inputs from the production function. Growing environmental pressures and resource prices suggest that this may be increasingly inappropriate. … read more »

2012

Working paper  1 November, 2012

Intermediate inputs and economic productivity

Many models of economic growth exclude materials, energy and other intermediate inputs from the production function. Growing environmental pressures and resource prices suggest that this may … read more »

Working paper  1 November, 2012

Prosperity with growth: economic growth, climate change and environmental limits

Debate about the relationship between environmental limits and economic growth has been taking place for several decades. These arguments have re-emerged with greater intensity following advances … read more »

Working paper  1 April, 2012

Trade, climate change and the political game theory of border carbon adjustments

The lack of real progress at the Durban climate change conference in 2011—postponing effective action until at least 2020—has many causes, one of which is the … read more »

2011

Research article  19 July, 2011

A stated preference investigation into the Chinese demand for farmed vs. wild bear bile

Farming of animals and plants has recently been considered not merely as a more efficient and plentiful supply of their products but also as a means of protecting wild … read more »

Working paper  1 June, 2011

Carbon trading: unethical, unjust and ineffective?

Cap-and-trade systems for greenhouse gas emissions are an important part of the climate change policies of the EU, Japan and New Zealand, among others, as well … read more »

Working paper  25 May, 2011

Emerging markets and climate change: Mexican standoff or low-carbon race?

Schelling (1995) stressed the importance of correctly disaggregating the impacts of climate change to understand how individual interests differ across space and time. This paper considers … read more »

Research article  20 May, 2011

Carbon trading: unethical, unjust and ineffective?

Cap-and-trade systems for greenhouse gas emissions are an important part of the climate change policies of the EU, Japan, New Zealand, among others, as well as China (soon) and … read more »

Research article  19 May, 2011

Self-interested low-carbon growth in G-20 emerging markets

This article suggests that some or all G-20 Emerging Markets (GEMs = Argentina, Brazil, China, India, Indonesia, Korea, Mexico, South Africa, and Turkey) could seize the climate policy agenda … read more »

Research article  19 March, 2011

Action on climate change in Asia's self-interest. Asia 2050: realizing the Asian century

This chapter examines the issue of whether low-carbon growth might be in the self-interest of key Asian countries.  Individually, the leading countries in Asia are very important to each … read more »

Working paper  1 February, 2011

Combining multiple climate policy instruments: how not to do it

Putting a price on carbon is critical for climate change policy. Increasingly, policy makers combine multiple policy tools to achieve this, for example, by complementing cap-and-trade … read more »

Research article  19 January, 2011

Optimal harvesting of fish stocks under a time-varying discount rate

Optimal control theory has been extensively used to determine the optimal harvesting policy for renewable resources such as fish stocks. In such optimisations, it is common to maximise the … read more »

Research article  16 January, 2011

Thinking through the climate change challenge

In October 2010, a group of leading thinkers on environmental policy met at the Sustainable Consumption Institute at the University of Manchester for a conference in honour of Nobel … read more »

2010

Research article  18 December, 2010

Combining multiple climate policy instruments: How not to do it

Putting a price on carbon is critical for climate change policy. Increasingly, policymakers combine multiple policy tools to achieve this, for example by complementing cap-and-trade schemes with a carbon … read more »

Research article  18 August, 2010

Designing carbon markets. Part I: carbon markets in time

This paper analyses the design of carbon markets in time (i.e., intertemporally). It is part of a twin set of papers that ask, starting from first principles, what an … read more »

Research article  18 August, 2010

Designing carbon markets. Part II: carbon markets in space

Designing carbon markets read more »

Research article  18 July, 2010

Environmental policy, government, and the market

Environmental policy is made in a context of both market failure and government failure. On the one hand, leaving environmental protection to the free market, relying on notions of … read more »

Research article  18 June, 2010

Behavioural economics, hyperbolic discounting and environmental policy

This paper reviews some recent research in “behavioural economics” with an application to environmental issues. Empirical results from behavioural economics provide a reminder that human behaviour is context-dependent, implying … read more »

Research article  18 June, 2010

International air travel and greenhouse gas emissions: A proposal for an adaptation levy

(1287) Cameron Hepburn and Benito Müller Greenhouse gas emissions from international aviation services have been increasing rapidly and are likely to continue to do so in the absence of … read more »

Working paper  1 March, 2010

On non-marginal cost-benefit analysis

Conventional cost-benefit analysis incorporates the normally reasonable assumption that the policy or project under examination is marginal in the sense that it will not significantly change … read more »

Research article  18 January, 2010

An issue of trust: state corruption, responsibility and greenhouse gas emissions

Climate change is increasingly seen to raise difficult normative issues. To date, cumulative emissions have been disproportionately from the developed world, while the consequences of climate change are anticipated … read more »

2009

Working paper  1 July, 2009

Carbon markets in space and time

We analyse the design of carbon markets in time (intertemporally) and space (geographically) from first principles, starting initially with a relatively clean slate and asking what … read more »

Research article  18 June, 2009

Siblings, not triplets: social preferences for risk, inequality and time in discounting climate change

Arguments about the appropriate discount rate often start by assuming a Utilitarian social welfare function with isoelastic utility, in which the consumption discount rate is a function of the … read more »

Research article  15 January, 2009

Equity weighting and the marginal damage costs of climate change

Climate change will give rise to different impacts in different countries, and different countries have different levels of development. Equity-weighted estimates of the (marginal) impact of greenhouse gas emissions … read more »

2008

Research article  17 March, 2008

Economics, ethics and climate change. Arguments for a Better World

There may never have been an instance of environmental pollution to challenge our powers of analysis and evaluation quite like climate change. Global in its causes and consequences, spanning … read more »

Research article  17 March, 2008

A new global deal on climate change

A global target of stabilizing greenhouse-gas concentrations at between 450 and 550 parts per million carbon-dioxide equivalent (ppm CO2e) has proven robust to recent developments in the science and … read more »

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2011

Policy paper  1 January, 2011

The 'surrender charge' on international units in the Australian ETS

Cameron Hepburn, Sarah Chapman, Baran Doda, Chris Duffy, Samuel Fankhauser, James Rydge, Kathryn Smith, Luca Taschini and Alessandro Vitelli

More in policy publications

Commentary  1 April, 2014

Incomplete climate models lead to complacency

Financial Times – Subscription required

2013

Commentary  1 August, 2013

Permits to pollute can be bought too cheaply

When the carbon price collapsed to below €3 in April this year, EU policymakers sought to prop up carbon prices by a deal that would delay the release of carbon … read more »

2012

Commentary  30 October, 2012

Should the EU suspend its airline emissions charge?

The inclusion of aviation in the EU Emissions Trading System since 1 January 2012 has faced strong opposition from other nations, particularly the US and China. The Vox

In the news  31 July, 2012

Stephanomics

BBC Radio

Commentary  4 July, 2012

Carbon price floor crucial to its aims

While the political noise around the carbon laws continues, we risk losing sight of the fact that a minimum carbon price floor guards against the policy becoming a toothless tiger … read more »

2011

Commentary  2 August, 2011

The Australian Government's proposals for a carbon pricing policy

Australia’s Government has put forward a carbon pricing package which is, in some respects, as significant as the European Union’s Emissions Trading Scheme (EU ETS). The scheme promises to be a cost-effective … read more »

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2010

Grantham Workshop, Policy Seminars 2 Nov 2010

Current Challenges in the Carbon Markets

Current Challenges in the Carbon Markets read more »

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