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The Kyoto Protocol is now a legally binding treaty signed by 141 nations, although not by major polluting nations such as the United States, China and India. Can nuclear power, which is carbon free, save Kyoto and solve the global warming problem? Nuclear energy is a tough sell in the developed countries, but developing countries continue to rely heavily on it. Many new nuclear power plants are under construction. We develop an empirical Hotelling model that accounts for the limited stock ofdoi:10.2139/ssrn.734403 fatcat:uqlb24ekdnhm3n27uvmfjxydgq