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Closed-form integrated assessment and uncertainty
Traeger, Christian - 2015
-form expressions of welfare loss from shocks and epistemological uncertainty identify the interaction of (intertemporal) risk attitude …
Persistent link: https://www.econbiz.de/10011305430
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On welfare frameworks and catastrophic climate risks
Millner, Antony - 2013
Recent theoretical work in the economics of climate change has suggested that climate policy is highly sensitive to "fat-tailed" risks of catastrophic outcomes (Weitzman, 2009b). Such risks are suggested to be an inevitable consequence of scientific uncertainty about the effects of increased...
Persistent link: https://www.econbiz.de/10010199723
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International environmental agreements with uncertainty, learning and risk aversion
Finus, Michael; Pintassilgo, Pedro; Ulph, Alistair - 2014
role of learning and risk aversion. It bridges two strands of literature: one focused on the role learning for the success … of IEA formation when countries are risk neutral and another that explores the implications of uncertainty and risk … aversion on IEA formation under no learning. Combining learning and risk aversion seems appropriate as the uncertainties …
Persistent link: https://www.econbiz.de/10010234539
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The safe carbon budget
Ploeg, Frederick van der - 2017 - Revised August 2017
or 1.5oC. The safe carbon budget is lower if uncertainty about the transient climate response is high and risk tolerance …
Persistent link: https://www.econbiz.de/10011717248
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Climate policies under climate model uncertainty : max-min and min-max regret
Rezai, Armon; Ploeg, Frederick van der - 2017 - Revised May 2017
Temperature responses and optimal climate policies depend crucially on the choice of a particular climate model. To illustrate, the temperature responses to given emission reduction paths implied by the climate modules of the well-known integrated assessments models DICE, FUND and PAGE are...
Persistent link: https://www.econbiz.de/10011718250
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Should Faustmann forecast climate change?
Gars, Johan; Spiro, Daniel - 2019
Climate change is predicted to substantially alter forest growth. Optimally, forest owners should take these future changes into account when making rotation decisions today. However, the fundamental uncertainty surrounding climate change makes predicting these shifts hard. Hence, this paper...
Persistent link: https://www.econbiz.de/10012015877
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Dark clouds or silver linings? : Knightian uncertainty and climate change
Chen, Yu-Fu; Funke, Michael; Glanemann, Nicole - 2011
This paper examines the impact of Knightian uncertainty upon optimal climate policy through the prism of a continuous-time real option modelling framework. We analytically determine optimal intertemporal climate policies under ambiguity. Additionally, numerical simulations are provided to...
Persistent link: https://www.econbiz.de/10009230822
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Testing the dismal theorem
Anthoff, David; Tol, Richard S. J. - 2021
Weitzman's Dismal Theorem has that the expected net present value of a stock problem with a stochastic growth rate with unknown variance is unbounded. Cost-benefit analysis can therefore not be applied to greenhouse gas emission control. We use the Generalized Central Limit Theorem to show that...
Persistent link: https://www.econbiz.de/10012486424
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Business decision-making under uncertainty : evidence from employment and number of businesses
Ghosal, Vivek; Ye, Yang - 2013
Using the framework provided by the asymmetric-information and real-options theories, we examine the impact of uncertainty on firms' decisions and market outcomes. We construct alternative measures of uncertainty based on survey of professional forecasters and our estimation of regression-based...
Persistent link: https://www.econbiz.de/10009764986
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Justice under uncertainty
Cettolin, Elena; Riedl, Arno - 2013
their own risk preferences. The observed allocations are consistent with four different views of justice under uncertainty. …
Persistent link: https://www.econbiz.de/10009766681