responsiveness of mitigation to changes in adaptation decreases. Compared to a world without climate catastrophes, risk reduces the … balance in the context of climate catastrophic risk. The investigation enriches an integrated assessment model introducing the … caused by GHG emissions, and ultimately abatement choices. Results indicate that the presence of catastrophic risk induces …

risk -- optimal policy comprises strong controls. To focus on these features and facilitate comparison with Nordhaus' work …

-consistent policy rules that implement the stochastic first best as long as a future market exists. We apply our theory to carbon …