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Relative Prices and Climate Policy : How the Scarcity of Non-Market Goods Drives Policy Evaluation

Drupp, Moritz A. - 2020

Climate change not only impacts production and market consumption, but also the relative scarcity of non-market goods, such as environmental amenities. We study fundamental drivers of the resulting relative price changes, their potential magnitude, and their implications for climate policy in...

Persistent link: https://www.econbiz.de/10012842678

Philosphers and Economists Can Agree on the Intergenerational Discount Rate and Climate Policy Paths

Nesje, Frikk; Drupp, Moritz A.; Freeman, Mark C.; Groom, Ben - 2022

the ethical issues that underpin long-term societal decision-making. This study compares expert economists’ views on key … alternative ethical approaches to standard Utilitarian calculus. In the politicized world of long-term decision-making, this paper … nuanced decision-making today and lead to multidisciplinary support for climate action …

Persistent link: https://www.econbiz.de/10014077004

Public investment as commitment

Gerlagh, Reyer; Liski, Matti - 2011

returns for time-inconsistent decision markers. An institutionalized (i.e., exogenous) rule demanding equalized comparable …

Persistent link: https://www.econbiz.de/10010274884

Why uncertainty matters: Discounting under intertemporal risk aversion and ambiguity

Traeger, Christian - 2012

Uncertainty has an almost negligible impact on project value in the economic standard model. I show that a comprehensive evaluation of uncertainty and uncertainty attitude changes this picture fundamentally. The analysis relies on the discount rate, which is the crucial determinant in balancing...

Persistent link: https://www.econbiz.de/10010280817

Carbon prices for the next thousand years

Gerlagh, Reyer; Liski, Matti - 2012

Climate is a persistent asset, bar none: changes in climate-related stocks have consequences spanning over centuries or possibly millennia to the future. To reconcile the discounting of such far-distant impacts and realism of the shorter-term decisions, we consider hyperbolic time-preferences in...

Persistent link: https://www.econbiz.de/10010283621

Closed-Form Integrated Assessment and Uncertainty

Traeger, Christian - 2015

The paper derives the optimal carbon tax in closed-form from an integrated assessment of climate change. The formula shows how carbon, temperature, and economic dynamics quantify the optimal mitigation effort. The model’s descriptive power is comparable to numeric models used in policy...

Persistent link: https://www.econbiz.de/10011307130

Carbon Prices for the Next Hundred Years

Gerlagh, Reyer; Liski, Matti - 2014

World income grows fast without verifiable climate-change impacts on the economy. The growth spell can end if climate impacts turn real but this can take decades to learn. We develop a tractable stochastic climate-economy model with a hidden-state impact process to evaluate the contributions of...

Persistent link: https://www.econbiz.de/10010333417