EnvironmentSmith School of Enterprise and the Environment43AcknowledgementsAcknowledgementsAcknowledgementsThe authors would like to thank Professor Dan Bodansky, Dr. Lavanya Rajamani, Dr. Cameron Hepburn, Professor Robert Hahn and Dr. David Frame for their insightful comments during the production of this paper. In addition, the authors are very grateful to Mutsuyoshi Nishimura and Akinobu Yasumoto for sharing their hopes for the carbon markets and interesting discussions.

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