The Clean Development Mechanism in a world carbon market
研究了清洁发展机制（CDM）在碳配额市场中的作用，发现CDM虽能有效资助最不发达国家的清洁技术投资，但会诱使国家提高排放上限，并可能使未承担减排承诺的国家参与变得不合适，甚至使国家承诺减排目标变得低效。
Abstract This paper discusses the role of the Clean Development Mechanism (CDM) in the market for carbon quotas and countries' commitments to reduce their carbon emission levels. We show that the CDM contributes to an efficient funding of clean technology investments in least developed countries. However, the CDM is not neutral on the global level of carbon emissions as it entices countries to raise their emission caps. The CDM may also make inappropriate the inclusion of any country that takes no emission abatement commitment. It can even make inefficient a country's decision to commit to an emission target. The implications of the presence of non‐additional projects are also analyzed.