Prices Versus Quantities Versus Bankable Quantities

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COMBINING MULTIPLE CLIMATE POLICY INSTRUMENTS: HOW NOT TO DO IT (2010, background): “3 Recently, a number of authors including Jacoby and Ellerman (2004), Fell et al (2008), Murray et al (2009) and Philibert (2009) have argued that a hybrid system such as a safety valve, in which a carbon tax acts as an effective price ceiling on a cap-and-trade system, may yield superior welfare…”
Emissions Cap or Emissions Tax? A Multi-sector Business Cycle Analysis (2016, background): “Second, it is known from the work of Weitzman (1974) that quantitybased and price-based regulations may not be equivalent from the welfare perspective in an uncertain environment.”
Designing Climate Mitigation Policy (2010, unknown): “According to Fell et al. (2008), on an annualized basis the cost savings to the United States between emissions taxes and fixed emissions quotas is about $4 billion for an emissions price of around $20 per ton of CO2 (with intermediate cases like safety valves, symmetric safety valves, and banking…”