Integrated assessment models (IAMs) are economists' primary tool for analyzing the optimal carbon tax. Damage functions, which link temperature to economic impacts, have come under fire because of their assumptions that may be incorrect in significant, but a priori unknowable ways. Here I...

The Integrated Assessment Model (IAM) has extensively treated the adverse effects of climatechange and the appropriate mitigation policy. We extend such a model to include optimalpolicies for mitigation, adaptation and infrastructure investment studying the dynamics of thetransition to a low...

We present an extended integrated assessment model (IAM) that optimizes climate financing policies over multiple phases of discrete policy action. We build on Semmler et al. (2018) which develops a single-phase model of the optimal allocation of infrastructure expenditure to carbon-neutral...

The IPCC Special Report finds that current policies are not sufficient to limit global warming to well below 1.5°C, and that the gap between the actions on the ground and the required changes in order to meet the global goal is widening rapidly. One reason is that scientific assessments based...

The mismatch between actions to combat climate change, which are based on voluntary national initiatives of limited effort, and the recognition of the importance of global warming is growing. Climate engineering via solar radiation management has been proposed as a possible complement to...

We report on four studies that examine the effects of abnormal temperature experiences on climate policy support. Study 1 shows perceived weather abnormality to be correlated with self-reported climate policy support, an effect that is robust across USA, Italy, and China but strongest in the...

A combination of factors pose significant barriers to developing effective and efficient sets of policies to achieve long-run climate policy objectives. Political opposition to particular types of policy mechanisms (for example, GHG pricing) and the global, stock-pollutant nature of the climate...

Across the globe, climate policy is increasingly using investment support instruments, such as grants, concessional loans, and guarantees – whereas carbon prices are losing importance. This development substantially increases the risk of inefficient public spending. In this paper, we examine...

The effects of climate policies are often studied under the assumption of perfectly competitive markets for fossil fuels. In this paper, we allow for monopolistic fossil fuel supply. We show that, if fossil and renewable energy sources are perfect substitutes, a phase will exist during which the...

I analyze the marginal value of reducing greenhouse gas emissions (the "social cost of carbon") under uncertainty about warming, under uncertainty about how much warming reduces consumption, and under stochastic shocks to consumption growth. I theoretically demonstrate that each of these sources...