Similar title to Godal, O., Ermoliev, Y.M., Klaassen, G., & Obersteiner, M. ORCID: https://orcid.org/0000-0001-6981-2769 (2003). Carbon Trading with Imperfectly Observable Emissions. IIASA Research Report (Reprint). IIASA, Laxenburg, Austria: RR-03-008. Reprinted from Environmental and Resource Economics, 25(2):151-169 [2003].