We examine a global refunding scheme for mitigating climate change. Countries pay an initial fee into a global fund that is invested in long-run assets. In each period, part of the fund is distributed among the participating countries in relation to the emission reductions they have achieved in...

Die wissenschaftliche Ausgangslage ist eindeutig: Der menschengemachte Klimawandel führt so lange zu einer Erhöhung der durchschnittlichen globalen Oberflächentemperatur bis globale Netto-Nullemissionen erreicht werden. Dies hat direkte klimapolitische Konsequenzen: (i) Die relevante Frage...

In this paper I extend the well known result that a hyperbolically discounting agent postpones costs into the future. If society has hyperbolic intertemporal preferences, it may be optimal from an ex ante point of view to postpone structural change from a polluting to a non polluting production...