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来源类型Discussion paper
规范类型论文
来源IDDP12642
DP12642 Pricing Carbon Under Economic and Climactic Risks: Leading-Order Results from Asymptotic Analysis
Frederick van der Ploeg
发表日期2018-01-23
出版年2018
语种英语
摘要Leading-order results from asymptotic analysis for the optimal price of carbon under uncertainty are derived from a macroeconomic continuous-time DSGE model with AK growth, energy use, adjustment costs, recursive utility and costs of global warming. We consider non-climatic productivity growth uncertainty, atmospheric carbon uncertainty, climate sensitivity uncertainty and climate damage uncertainty. Explicit expressions are derived that show the leading-order dependence of the optimal carbon price on these uncertainties, the various climate betas, risk aversion, intergenerational inequality aversion and convexity of the climate damage specification. Our solution allows for skewness and mean reversion in stochastic shocks to the climate sensitivity and damage coefficients. The resulting rule for the optimal risk-adjusted carbon price incorporates precautionary, risk-insurance and risk-exposure effects to deal with future economic and climatic risks. The stochastic processes are calibrated and used to estimate and interpret the impact of each source of uncertainty on the optimal risk-adjusted carbon price.
主题Macroeconomics and Growth
关键词Precaution Insurance Skewness Mean reversion Climate betas
URLhttps://cepr.org/publications/dp12642
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/541454
推荐引用方式
GB/T 7714		 Frederick van der Ploeg. DP12642 Pricing Carbon Under Economic and Climactic Risks: Leading-Order Results from Asymptotic Analysis. 2018.
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