A Review of Carbon Market Policies and Research

Donald F. Larson, Philippe Ambrosi, Ariel Dinar, Shaikh Mahfuzur Rahman, Rebecca Entler

Research output: Contribution to journalReview articlepeer-review

13 Scopus citations


We describe important institutions that shape climate change policies together with a set of key market-reliant instruments. We selectively review the related economic literature, emphasizing empirical studies that assess the efficacy of current policies and the workings of policy-dependent markets. Special attention is given to new carbon finance markets tied to the Kyoto Protocol's flexibility mechanisms. Promising areas for future research are identified.

Original languageEnglish
Pages (from-to)177-236
Number of pages60
JournalInternational Review of Environmental and Resource Economics
Issue number3
StatePublished - 2008


  • Carbon finance markets
  • Flexibility mechanism
  • Kyoto protocol
  • Literature review


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