Publications
Asset accounting, fiscal policy and the UK’s oil and gas resources, past and future
Evidence that the UK may possess sizable resources of shale gas and oil has instigated a debate about whether a sovereign wealth fund would be an effective way to use tax revenues from their exploitation. Analysis in this paper explores the implications the sovereign wealth fund model for managing past and future UK oil and gas resources. read more »
Emissions trading systems with cap adjustments
Emissions Trading Systems (ETSs) with fixed caps lack provisions to address systematic imbalances in the supply and demand of permits in response to economic shocks. This paper proposes a new mechanism which adjusts the allocation of permits based on the current bank of permits to create a dynamic system of permit allocation. read more »
Reserves and trade jointly determine exposure to food supply shocks
While a growing proportion of global food consumption is obtained through international trade, there is an ongoing debate on whether this increased reliance on trade benefits or hinders food security, and specifically, the ability of global food systems to absorb shocks due to local or regional losses of production. This paper introduces a model that simulates the short-term response to a food supply shock originating in a single country.
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Emissions trading systems with cap adjustments
This working paper analyses the design of the market stability reserve proposed as part of the reform of the European Union emissions trading system. read more »
The Paris Agreement and the new logic of international climate politics
This article reviews and assesses the outcome of the 21st Conference of the Parties (COP-21) to the United Nations Framework Convention on Climate Change (UNFCCC), held in Paris in … read more »
Beliefs, politics, and environmental policy
Experts and the general public often perceive environmental problems differently. Moreover, regulatory responses to environmental issues often do not coincide with consensus expert recommendations. These two facts are mutually … read more »
A bargaining experiment on heterogeneity and side deals in climate negotiations
The recent global climate change agreement in Paris leaves a wide gap between pledged and requisite emissions reductions in keeping with the commonly accepted 2°C target. A recent strand of … read more »
The endowment effect and environmental discounting
There is a considerable body of evidence from behavioural economics and contingent valuation showing that our preferences exhibit both reference dependence and loss aversion, a.k.a. the endowment effect. In this … read more »
Carbon dating: When is it beneficial to link ETSs?
We propose a theory of the economic advantage (EA) of regulating carbon emissions by linking two emissions trading systems versus operating them under autarky. Linking implies that permits issued in … read more »
Virgin Atlantic tested 3 ways to change employee behavior
Robert Metcalfe, Greer Gosnell and John List, Harvard Business Review, 1 August 2016
