Stabilizing greenhouse gas emissions: Assessing the intergenerational costs and benefits of the Kyoto Protocol

The costs and benefits current and future generations incur as the result of climate change or an environmental control policy are often confounded with other objectives, such as, generational discounting or optimal policy design. This paper uses a consumption equivalent measure to simulate the loss or gain of consumption independent of these confounding objectives. The findings suggest that the costs associated with an emissions stabilization program are relatively large for current generations and continue to increase over the next 100 years. The first generation to actually benefit from the stabilization program is born early during the 24th century.