Economic aspects of climate change

The aim of this thesis is to address certain aspects of climate change which have not attracted sufficient attention. The first part is an empirical one investigating impacts of climate change on households and individuals using the hedonic price approach (for Great Britain and Germany). In addition, we examine the relationship between climate and happiness (for 67 countries). The second part of the thesis is an analytical one in the field of emissions permit trading. As progress in the international negotiations is extremely slow and failure is not excluded we first consider the coordination of domestic markets for tradable emission permits where countries determine their own emission reduction targets. Another aspect which has not attracted sufficient attention is the time-dimension of a trading scheme. We analyse the dynamic aspects of allocating emission rights for different approaches in the final chapter.