Transaction costs, institutional rigidit
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Axel Michaelowa; Frank Jotzo
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Article
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2005
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Elsevier Science
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English
โ 257 KB
Transaction costs and institutional rigidities will reduce the attractiveness of the Kyoto Protocol flexibility mechanisms compared to domestic greenhouse gas abatement options. The clean development mechanism (CDM) in particular is likely to entail considerable costs of baseline development, projec