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Climate policies under climate model uncertainty : max-min and min-max regret

Rezai, Armon; Ploeg, Frederick van der - 2017 - Revised May 2017

Temperature responses and optimal climate policies depend crucially on the choice of a particular climate model. To illustrate, the temperature responses to given emission reduction paths implied by the climate modules of the well-known integrated assessments models DICE, FUND and PAGE are...

Persistent link: https://www.econbiz.de/10011718250

Climate Change and Uncertainty : An Asset Pricing Perspective

Barnett, Michael - 2023

of climate risk that is significantly amplified and increasing in magnitude as climate change increases due to aversion …

Persistent link: https://www.econbiz.de/10014255764

Uncertainty in the Analytic Climate Economy

Traeger, Christian - 2021

assessment model (IAM) with long-run risk, adapting methods from the asset pricing literature to deal with endogenous climate … risk. The model solves in closed-form for general degrees of risk aversion, stochastic climate feedbacks, and a stochastic …

Persistent link: https://www.econbiz.de/10013222601

Uncertainty of climate models and policy implications : a European perspective

Greiner, Alfred - 2024

In this paper we show that both climate models and economic models studying the effects of climate change are characterized by high uncertainty. Hence, far reaching policy implications such as the net zero goal lack a definite scientific foundation. Neverthelss, it cannot be excluded that the...

Persistent link: https://www.econbiz.de/10015053416

Robustness of a simple rule for the social cost of carbon

Rezai, Armon; Ploeg, Frederick van der - 2014

The optimal social cost of carbon is in general equilibrium proportional to GDP if utility is logarithmic, production is Cobb-Douglas, depreciation in 100% every period, climate damages as fraction of production decline exponentially with the stock of atmospheric carbon, and fossil fuel...

Persistent link: https://www.econbiz.de/10010257341

Confronting Deep and Persistent Climate Uncertainty

Wagner, Gernot; Zeckhauser, Richard - 2016

Deep-seated, persistent uncertainty is a pernicious feature of climate change. One key parameter, equilibrium climate sensitivity, has eluded almost all attempts at pinning it down more precisely than a ‘likely’ range that has stalled at 1.5–4.5°C for over thirty-five years. The marginal...

Persistent link: https://www.econbiz.de/10014126044

What we know and don't know about climate change, and implications for policy

Pindyck, Robert S. - 2020 - This draft: May 11, 2020

There is a lot we know about climate change, but there is also a lot we don't know. Even if we knew how much CO2 will be emitted over the coming decades, we wouldn't know how much temperatures will rise as a result. And even if we could predict the extent of warming that will occur, we can say...

Persistent link: https://www.econbiz.de/10012225170

ACE – Analytic Climate Economy (with Temperature and Uncertainty)

Traeger, Christian P. - 2019

This paper is a revised version of: "https://ssrn.com/abstract=2667972" https://ssrn.com/abstract=2667972.The Analytic Climate Economy (ACE) closes a gap between analytic climate change assessments and quantitative numeric integrated assessment models (IAMs) used in policy advising. Its...

Persistent link: https://www.econbiz.de/10012896033

Causes of climate models uncertainty and implications for economic policy

Greiner, Alfred - 2025

In this paper it is shown that climate models are characterized by uncertainty and its causes are pointed out. It is well known that a higher greenhouse gas concentration raises the radiative forcing of the earth and the physics behind it is well understood. However, as regards the feedback...

Persistent link: https://www.econbiz.de/10015329843

Global economic impacts of climate shocks, climate policy and changes in climate risk assessment

Fernando, Roshen; Liu, Weifeng; McKibbin, Warwick J. - 2021

This study assesses the global economic consequences of climate-related risk in three broad areas: (1) the … macroeconomic impacts of physical climate risk due to chronic climate change associated with global temperature increases and … by 2050 (transition risk); and (3) the potential macroeconomic consequences of changes in risk premia in financial …

Persistent link: https://www.econbiz.de/10013235452