The Role of Economics in Climate Change Policy
指出气候变化政策面临的最大挑战是不确定性，并基于环境经济学理论提出混合型政策（结合可交易许可证和排放税）是高效实用的选择，但批评京都议定书采用僵化的减排目标与时间表，实际效果有限。
The most important characteristic of climate change as a policy problem is uncertainty. From climatology to economics, uncertainties are pervasive, large and difficult to resolve. However, the economic theory of environmental policy under uncertainty provides a clear guide to the design of an appropriate policy. An efficient and practical approach would be a hybrid that incorporates the best features of tradable permits and emissions taxes. Unfortunately, international negotiations have taken a different approach, focusing on rigid targets and timetables for emissions reductions. The result has been the Kyoto Protocol, an agreement with no real chance of reducing greenhouse gas emissions.