Word: papered
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...trade system is the most practical, cost-effective way for the government to limit carbon emissions, according to a paper recently published by Harvard Kennedy School Professor Robert N. Stavins and University of Manchester Economics Professor Robert W. Hahn...
...Their paper concluded that Congress is more likely to pass a cap-and-trade system—in which the government puts a cap on the amount of a pollutant that can be emitted—than a carbon tax, because the cap-and-trade system exhibits the “independence property”—the theoretical and actual ability of a system to keep costs low and environmental performance high...
...paper, Stavins and Hahn used current-day examples—such as the sulfur dioxide trade amendment in Ohio that aimed to substantially reduce acid rain—to prove that the cap-and-trade system would work both in theory and in practice...
Stavins, who also directs the Harvard Environmental Economics Program, said that the independence property is not a new idea; Harvard-educated economist W. David Montgomery first coined the term in a paper printed by the Journal of Economic Theory...
Harvard School of Public Health professor Ashish K. Jha, who is the senior author of this paper, emphasized the importance of defining “meaningful use”—the federal standard used for providing financial incentives...