How to Regulate Carbon Emissions with Climate-Conscious Consumers
研究了不同监管制度（碳税与总量管制与交易）如何影响道德行为，发现碳税能补充自愿减排努力，而总量管制与交易则抑制之，且对贫困消费者不利。
Abstract Carbon prices are the most cost-effective instrument to reduce CO$_2$ emissions, but there is strong political opposition to raising them to the efficient level. Therefore, additional efforts of consumers, firms and local governments are required. We study how different regulatory regimes affect moral behaviour and show that a carbon tax complements voluntary efforts to reduce emissions, while cap and trade discourages them. The opportunity to invest in offsets increases welfare, while the option to buy and delete emission rights induces more emissions and reduces welfare. Furthermore, cap and trade shifts the burden of adjustment to poor consumers and has dysfunctional incentive effects.