- p (global warming is real, in Bush administration's eyes) < 0.01
Seriously guys, this is a serious problem... or it isn't. Is Waxman-Markey (cap-and-trade carbon permits bill) a serious response?
Bonus question: does it matter if the permits are initially given away or sold, provided that they can be re-sold in either case? EMH + Coase says no, right? Or do one or more fail to apply in super-regulated "markets" like energy?