摘要：We study an international climate agreement that assigns emission quotas to each
participating country. Unlike the simplest models in the literature, we assume that abatement
costs are affected by R&D activities undertaken in all firms in all countries, i.e. abatement
technologies are endogenous. In line with the Kyoto agreement we assume that the
international climate agreement does not include R&D policies. We show that for a secondbest
agreement, marginal costs of abatement should exceed the Pigovian level. Moreover,
marginal costs of abatement differ across countries in the second-best quota agreement with
heterogeneous countries. In other words, the second-best outcome cannot be achieved if
emission quotas are tradable.
关键词：Climate policy, international climate agreements, emission quotas, technology
spillovers.
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