The paper analyzes solar geoengineering and strategic interactions in an integrated assessment model of climate change. We provide a simple formula for globally optimal sulfur deployment and analyze regional engagement in a dynamic Markov game. We derive the impact of geoengineering on the...

We study clean energy subsidies in a quantitative climate-economy model. Clean energy subsidies decrease carbon emissions if and only if they lower the marginal product of dirty energy. The constrained-efficient subsidy equals the marginal external cost of dirty energy multiplied by the marginal...

We study clean energy subsidies in a quantitative climate-economy model. Clean en-ergy subsidies decrease carbon emissions if and only if they lower the marginal product of dirty energy. The constrained-efficient subsidy equals the marginal external cost of dirty energy multiplied by the...

Net-zero climate policies foresee deployment of atmospheric carbon dioxide removal wit geo-logical, terrestrial, or marine carbon storage. While terrestrial and geological storage would be governed under the framework of national property rights, marine storage implies that carbon is transferred...

The paper shows how limited substitutability in consumption between different classes of goods affects the magnitude and time development of social discount rates. It decomposes the discount rates into an absolute growth and a relative growth or substitutability effect. The paper relates...

The ongoing debate concerning the ranking of taxes versus cap and trade for climate policy begins with \ps{Weitzman74} seminal slope-based criterion and concludes that taxes dominate quotas. We challenge this conclusion and the intuition behind it. Because technology shocks and pollution stocks...