Economic models of climate change typically analyze its short-run effects, for example, up to the year 2100 or for a doubling of atmospheric CO2. This is a potentially serious shortcoming since under a business-as-usual scenario, atmospheric CO2 concentrations could more than quadruple. We...

In this paper, we use results from the Hotelling model of non-renewable resources to examine the mainstream view among economists that improvements in recovery technology can offset declines in petroleum reserves. We present empirical evidence from two well-documented mega-oilfields: the Forties...

This paper uses the World Trade Model with Climate Sensitive Land (WTMCL) to evaluate possible future land-use changes associated with adaptations to climate change in a globalized world. In this approach, changes in regional agricultural production, which are based on comparative advantage,...

Microeconomic Theory Old and New: A Student's Guide has two main goals. The first is to give advanced undergraduate and graduate students an understanding of the core model of economics: Walrasian general equilibrium theory. The text presents in detail the three building blocks of Walrasian...

In contrast to many discussions based on annual emissions, this article presents calculations and projections of cumulative contributions to the stock of atmospheric CO₂ by the major players, China, Europe, India, Japan and the USA, for the period 1900-2080. Although relative contributions to...