This paper proposes an operationally simple and easily generalizable methodology to incorporate climate change damage uncertainty into Integrated Assessment Models (IAMs). Uncertainty is transformed into a risk-premium, damage-correction, region-specific factor by extracting damage distribution...

We critically review the Kyoto Protocol and thirteen alternative policy architectures for addressing the threat of global climate change. We employ six criteria to evaluate the policy proposals: environmental outcome, dynamic efficiency, cost effectiveness, equity, flexibility in the presence of...

The aim of this paper is to analyze the relationship between different types of uncertainty and stock returns of the renewable energy and the oil & gas sectors. We use the quantile regression approach developed by Koenker and d'Orey (1987; 1994) to assess which uncertainties are the potential...

We are interested in three related questions: (1) How should accounting prices be estimated? (2) How should we evaluate policy change in an imperfect economy? (3) How can we check whether intergenerational well-being will be sustained along a projected economic programme? We do not presume that...

Economists have expended considerable effort to develop economically meaningful definitions of the somewhat elusive concept of "sustainability". We relate such a definition of sustainability to well known concepts from neoclassical economics, in particular, potential Pareto improvements (in the...

Scientific and economic consensus increasingly points to the need for a credible and cost-effective approach to address the threat of global climate change, but the Kyoto Protocol to the U.N. Framework Convention on Climate Change appears incapable of inducing significant participation and...

We determine the core characteristics of a climate coalition's optimal policies in a dynamic two country directed technical change framework. Unilateral policies alter the structure of production and thereby innovation incentives across countries. Whenever feasible, optimal policies implement...

The Paris Agreement has achieved one of two key necessary conditions for ultimate success - a broad base of participation among the countries of the world. But another key necessary condition has yet to be achieved - adequate collective ambition of the individual nationally determined...

At least ten Latin American and Caribbean countries have pledged to achieve carbon neutrality. Has electricity planning in the region evolved towards reaching these goals? We compare power generation capacity in 2023 to announced plans in 2019. We then estimate committed emissions from existing...

This paper examines the long-run relationship between income and urban air pollution using a joint distribution dynamics approach. This approach enables to estimate the transition process and long-run distribution and to examine the mechanisms behind the evolution process. The approach is...