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The optimal social cost of carbon is in general equilibrium proportional to GDP if utility is logarithmic, production is Cobb-Douglas, depreciation in 100% every period, climate damages as fraction of production decline exponentially with the stock of atmospheric carbon, and fossil fuel...
Persistent link: https://www.econbiz.de/10010257341
For sufficiently low abatement costs many countries might undertake significant emission reductions even without any international agreement on emission reductions. We consider a situation where a coalition of countries does not cooperate on emission reductions but cooperates on the development...
Persistent link: https://www.econbiz.de/10010246011
climate policy takes the form of carbon emission taxation and fossil fuel and consumption goods are traded on world markets …
Persistent link: https://www.econbiz.de/10010428830
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This paper studies the formation of self-enforcing global environmental agreements in a world economy with …
Persistent link: https://www.econbiz.de/10011281297
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We show that several of the most important economic models of climate change produce climate dynamics inconsistent with the current crop of models in climate science. First, most economic models exhibit far too long a delay between an impulse of CO2 emissions and warming. Second, few economic...
Persistent link: https://www.econbiz.de/10012171780
We analyse optimal abatement and carbon pricing strategies under a variety of economic, temperature and damage risks. Economic growth, convex damages and temperature-dependent risks of climatic tipping points lead to higher growth rates of carbon prices, but gradual resolution of uncertainty...
Persistent link: https://www.econbiz.de/10012515093
We study climate change in a model with a carbon-intensive and a green sector, each subject to stochastic sectoral productivity shocks, and show how the underlying economic structure affects the risk-adjusted discount rate and the climate risk premium in the social cost of carbon (SCC)....
Persistent link: https://www.econbiz.de/10014444691