Joseph E. Aldy is Fellow at Resources for the Future in Washington, DC. He also served on the staff of the President's Council of Economic Advisers where he was responsible for climate change policy from 1997–2000. Robert N. Stavins is Albert Pratt Professor of Business and Government at the John F. Kennedy School of Government at Harvard University, Massachusetts. He is also Director of the Harvard Environmental Economics Program and Chairman of the Kennedy School's Environment and Natural Resources Faculty Group.

'The Kyoto Protocol was at best an imperfect and incomplete first step toward an effective response to the enormously difficult problem of climate change, which is characterized by huge stakes, great uncertainties, global scope, and a time-scale measured in decades or centuries. In this important volume, Joseph Aldy, Robert Stavins, and a host of distinguished contributors provide a thoughtful exploration of a range of alternative post-Kyoto top-down and bottom-up regimes and their implications. This book should be read by everyone who takes climate change seriously as a policy problem.' Richard Schmalensee, John C Head III Dean of the MIT Sloan School of Management and Professor of Economics and Management, Massachusetts Institute of Technology

• List of figures; List of tables; Foreword Lawrence Summers; 1. Introduction Joseph Aldy and Robert Stavins; Part I. Targets and Timetables: 2. Formulas for quantitative emission targets Jeffrey Frankel; Commentaries on Frankel: 2.1 Targets and timetables: good policy but bad politics? Daniel Bodansky; 2.2 Incentives and meta-architecture Jonathan B. Wiener; 3. Graduation and deepening Axel Michaelowa; Commentaries on Michaelowa: 3.1 Alternatives to Kyoto: the case for a carbon tax Richard N. Cooper; 3.2 Beyond graduation and deepening: towards cosmopolitan scholarship Joyeeta Gupta; Part II. Targets and Timetables: 4. Fragmented carbon markets and reluctant nations: implications for the design of effective architectures David G. Victor; Commentaries on Victor: 4.1 Incentives and institutions: a bottom-up approach to climate policy Carlo Carraro; 4.2 The whole and the sum of its parts: comments on David Victor's 'Fragmented Carbon Markets and Reluctant Nations' Sheila M. Olmstead; 5. Credible foundation for long-term international cooperation Warwick J. McKibbin and Peter Wilcoxen; Commentaries on McKibbin and Wilcoxen: 5.1 Commentary on McKibbin and Wilcoxen Richard Morgenstern; 5.2 Commentary on McKibbin and Wilcoxen Jonathan Pershing; Part III. Coordinated and Unilateral Policies: 6. A multi-track climate treaty system Scott Barrett; Commentaries on Barrett: 6.1 Beyond Kyoto: learning from the Montreal protocol Daniel C. Esty; 6.2 Climate Favela: a comment on Barrett Henry D. Jacoby; 7. Practical global climate policy William A. Pizer; Commentary on Pizer: 7.1 Comment on Pizer James A. Hammitt; 7.2 Comments on practical global climate policy Juan-Pablo Montero; Part IV. Synthesis and Conclusion: 8. Epilogue Thomas Schelling; 9. Lessons for the international policy community Joseph Aldy and Robert Stavins; Index.

Joseph E. Aldy is Fellow at Resources for the Future in Washington, DC. He also served on the staff of the President's Council of Economic Advisers where he was responsible for climate change policy from 1997–2000. Robert N. Stavins is Albert Pratt Professor of Business and Government at the John F. Kennedy School of Government at Harvard University, Massachusetts. He is also Director of the Harvard Environmental Economics Program and Chairman of the Kennedy School's Environment and Natural Resources Faculty Group.

'The Kyoto Protocol was at best an imperfect and incomplete first step toward an effective response to the enormously difficult problem of climate change, which is characterized by huge stakes, great uncertainties, global scope, and a time-scale measured in decades or centuries. In this important volume, Joseph Aldy, Robert Stavins, and a host of distinguished contributors provide a thoughtful exploration of a range of alternative post-Kyoto top-down and bottom-up regimes and their implications. This book should be read by everyone who takes climate change seriously as a policy problem.' Richard Schmalensee, John C Head III Dean of the MIT Sloan School of Management and Professor of Economics and Management, Massachusetts Institute of Technology

• List of figures; List of tables; Foreword Lawrence Summers; 1. Introduction Joseph Aldy and Robert Stavins; Part I. Targets and Timetables: 2. Formulas for quantitative emission targets Jeffrey Frankel; Commentaries on Frankel: 2.1 Targets and timetables: good policy but bad politics? Daniel Bodansky; 2.2 Incentives and meta-architecture Jonathan B. Wiener; 3. Graduation and deepening Axel Michaelowa; Commentaries on Michaelowa: 3.1 Alternatives to Kyoto: the case for a carbon tax Richard N. Cooper; 3.2 Beyond graduation and deepening: towards cosmopolitan scholarship Joyeeta Gupta; Part II. Targets and Timetables: 4. Fragmented carbon markets and reluctant nations: implications for the design of effective architectures David G. Victor; Commentaries on Victor: 4.1 Incentives and institutions: a bottom-up approach to climate policy Carlo Carraro; 4.2 The whole and the sum of its parts: comments on David Victor's 'Fragmented Carbon Markets and Reluctant Nations' Sheila M. Olmstead; 5. Credible foundation for long-term international cooperation Warwick J. McKibbin and Peter Wilcoxen; Commentaries on McKibbin and Wilcoxen: 5.1 Commentary on McKibbin and Wilcoxen Richard Morgenstern; 5.2 Commentary on McKibbin and Wilcoxen Jonathan Pershing; Part III. Coordinated and Unilateral Policies: 6. A multi-track climate treaty system Scott Barrett; Commentaries on Barrett: 6.1 Beyond Kyoto: learning from the Montreal protocol Daniel C. Esty; 6.2 Climate Favela: a comment on Barrett Henry D. Jacoby; 7. Practical global climate policy William A. Pizer; Commentary on Pizer: 7.1 Comment on Pizer James A. Hammitt; 7.2 Comments on practical global climate policy Juan-Pablo Montero; Part IV. Synthesis and Conclusion: 8. Epilogue Thomas Schelling; 9. Lessons for the international policy community Joseph Aldy and Robert Stavins; Index.

Joseph E. Aldy is Fellow at Resources for the Future in Washington, DC. He also served on the staff of the President's Council of Economic Advisers where he was responsible for climate change policy from 1997–2000. Robert N. Stavins is Albert Pratt Professor of Business and Government at the John F. Kennedy School of Government at Harvard University, Massachusetts. He is also Director of the Harvard Environmental Economics Program and Chairman of the Kennedy School's Environment and Natural Resources Faculty Group.

'The Kyoto Protocol was at best an imperfect and incomplete first step toward an effective response to the enormously difficult problem of climate change, which is characterized by huge stakes, great uncertainties, global scope, and a time-scale measured in decades or centuries. In this important volume, Joseph Aldy, Robert Stavins, and a host of distinguished contributors provide a thoughtful exploration of a range of alternative post-Kyoto top-down and bottom-up regimes and their implications. This book should be read by everyone who takes climate change seriously as a policy problem.' Richard Schmalensee, John C Head III Dean of the MIT Sloan School of Management and Professor of Economics and Management, Massachusetts Institute of Technology

• List of figures; List of tables; Foreword Lawrence Summers; 1. Introduction Joseph Aldy and Robert Stavins; Part I. Targets and Timetables: 2. Formulas for quantitative emission targets Jeffrey Frankel; Commentaries on Frankel: 2.1 Targets and timetables: good policy but bad politics? Daniel Bodansky; 2.2 Incentives and meta-architecture Jonathan B. Wiener; 3. Graduation and deepening Axel Michaelowa; Commentaries on Michaelowa: 3.1 Alternatives to Kyoto: the case for a carbon tax Richard N. Cooper; 3.2 Beyond graduation and deepening: towards cosmopolitan scholarship Joyeeta Gupta; Part II. Targets and Timetables: 4. Fragmented carbon markets and reluctant nations: implications for the design of effective architectures David G. Victor; Commentaries on Victor: 4.1 Incentives and institutions: a bottom-up approach to climate policy Carlo Carraro; 4.2 The whole and the sum of its parts: comments on David Victor's 'Fragmented Carbon Markets and Reluctant Nations' Sheila M. Olmstead; 5. Credible foundation for long-term international cooperation Warwick J. McKibbin and Peter Wilcoxen; Commentaries on McKibbin and Wilcoxen: 5.1 Commentary on McKibbin and Wilcoxen Richard Morgenstern; 5.2 Commentary on McKibbin and Wilcoxen Jonathan Pershing; Part III. Coordinated and Unilateral Policies: 6. A multi-track climate treaty system Scott Barrett; Commentaries on Barrett: 6.1 Beyond Kyoto: learning from the Montreal protocol Daniel C. Esty; 6.2 Climate Favela: a comment on Barrett Henry D. Jacoby; 7. Practical global climate policy William A. Pizer; Commentary on Pizer: 7.1 Comment on Pizer James A. Hammitt; 7.2 Comments on practical global climate policy Juan-Pablo Montero; Part IV. Synthesis and Conclusion: 8. Epilogue Thomas Schelling; 9. Lessons for the international policy community Joseph Aldy and Robert Stavins; Index.