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Climate Change and Long-Run Discount Rates : Evidence from Real Estate

Giglio, Stefano - 2015

The optimal investment to mitigate climate change crucially depends on the discount rate used to evaluate the … investment's uncertain future benefits. The appropriate discount rate is a function of the horizon over which these benefits … accrue and the riskiness of the investment. In this paper, we estimate the term structure of discount rates for an important …

Persistent link: https://www.econbiz.de/10012456904

Does Unilateral Decarbonization Pay For Itself?

Bilal, Adrien; Känzig, Diego R. - National Bureau of Economic Research - 2025

This paper shows that unilateral decarbonization pays for itself in large economies. We estimate economic damages from global temperature shocks and combine them with a climate-economy model to construct Domestic Costs of Carbon: $226 per ton for the United States and $216 per ton for the...

Persistent link: https://www.econbiz.de/10015195010

Greens are Right to be Suspicious of Carbon Offsets

Heal, Geoffrey - National Bureau of Economic Research - 2024

I distinguish between reduction offsets and removal offsets, the former generated by a reduction in the rate of greenhouse gas emissions and the latter generated by the removal of greenhouse gases from the atmosphere. I show that only removal offsets make any contribution to mitigating climate...

Persistent link: https://www.econbiz.de/10015145121

An Economist’s Guide to Climate Change Science

Hsiang, Solomon - 2018

Climate change management is a global challenge that requires social science as much as it requires natural science. We provide a brief introduction to the physical science of climate change, written to provide essential background for economists and other social scientists. We also highlight...

Persistent link: https://www.econbiz.de/10012480841

Investor Rewards to Climate Responsibility : Evidence from the 2016 Climate Policy Shock

Ramelli, Stefano; Wagner, Alexander F.; Zeckhauser, Richard - 2019 - Revised July 2019

Donald Trump's election and his nomination of Scott Pruitt, a climate skeptic, to lead the Environmental Protection Agency drastically downshifted expectations on US climate-change policy. We study firms' stock-price reactions and institutional investors' portfolio adjustments after these...

Persistent link: https://www.econbiz.de/10012480961

Will the Paris Accord Accelerate Climate Change?

Kotlikoff, Laurence J. - 2016

Finally we question the standard use of infinitely-lived, single-agent models, which assume, unrealistically, intergenerational altruism in determining optimal abatement policy. Their prescriptions can differ, potentially dramatically, from those needed to correct the negative climate...

Persistent link: https://www.econbiz.de/10012455949

Climate Engineering Economics

Heutel, Garth - 2015

This article reviews and evaluates the nascent literature on the economics of climate engineering. The literature distinguishes between two broad types of climate engineering: solar radiation management and carbon dioxide removal. We review the science and engineering characteristics of these...

Persistent link: https://www.econbiz.de/10012456959

Climate Tipping Points and Solar Geoengineering

Heutel, Garth - 2015

We study optimal climate policy when climate tipping points and solar geoengineering are present. Solar geoengineering reduces temperatures without reducing greenhouse gas emissions. Climate tipping points are irreversible and uncertain events that cause large damages. We analyze three different...

Persistent link: https://www.econbiz.de/10012457080

Better Predictions, Better Allocations : Scientific Advances and Adaptation to Climate Change

Freeman, Mark C. - 2015

The initial hope for climate science was that an improved understanding of what the future might bring would lead to appropriate public policies and effective international climate agreements. Even if that hope is not realized, as now seems likely, scientific advances leading to a more refined...

Persistent link: https://www.econbiz.de/10012457205

Solar Geoengineering, Uncertainty, and the Price of Carbon

Heutel, Garth - 2015

We consider the socially optimal use of solar geoengineering to manage climate change. Solar geoengineering can reduce damages from atmospheric greenhouse gas concentrations, potentially more cheaply than reducing emissions. If so, optimal policy includes less abatement than recommended by...

Persistent link: https://www.econbiz.de/10012457313